In order to raise more revenue for a certain period, the ...
In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand
Elastic
Inelastic
Perfectly elastic
Unitary elastic
Correct answer is B
High taxes should be imposed on goods whose demand is inelastic.
Inelastic demand is when the buyer's demand does not change as much as the price changes. This means that no matter how high the prices may increase as a result of high taxes or other factors, people will still be willing to buy the goods.
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