Label each the following statements about the economics of taxes as true or false. The incidence of a tax is determined by which group (buyers or sellers) must write the check to the government. ____
When the price elasticity of demand is low and the price elasticity of supply is high, the burden of a tax falls mainly on producers. ____
The change in the total cost consumer pay and the change in the revenue sellers receive when a tax is introduced is independent of whether it is levied on buyers or sellers. ___
When the price elasticity of demand is high and the price elasticity of supply is low, the burden of a tax falls mainly on consumers. ____
A tax can distort incentives and create missed opportunities for mutually beneficial transactions.___