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Split between consumers and producers

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Reference no: EM132151996

Suppose that the supply and demand for widgets is given by the following equations:

QD=36-3P

QS=-12+5P

a. The tax would be split between consumers and producers, but consumers would pay the majority of the tax

b. The tax would be split between consumers and producers, but producers would pay the majority of the tax.

c. The entire tax would be paid by producersd.

d. The entire tax would be paid by consumers

Reference no: EM132151996

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