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Suppose the government institutes a new sales tax on shoes

Suppose the government institutes a new sales tax on shoes, which are produced by a competitive constant-cost industry.

a. Does the price of shoes change by more in the short run or in the long run?

b. Does the industry-wide quantity change by more in the short run or in the long run?

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Macroeconomics: Suppose the government institutes a new sales tax on shoes

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Solution Preview :

Prepared by a verified Expert

Macroeconomics: Suppose the government institutes a new sales tax on shoes

Reference No:- TGS0665455

Have a Question? (oR Write a Review)

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Reference No:- TGS0665455

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