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Does the price of shoes change by more in the short run

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Reference no: EM13326788

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?

Reference no: EM13326788

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