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Perfectly elastic or inelastic demand-supply

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Reference no: EM132194747

The government introduces a tax. If the market is perfectly competitive and neither consumers nor producers have perfectly elastic or inelastic demand/supply, which of the following are always true?

I - Consumer surplus increases

II - Producer surplus remains the same

III - There is deadweight loss

IV - There is a shortage of the good

V - There is a surplus of the good

Reference no: EM132194747

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