If the demand for iPhones is less elastic than the supply of iPhones,
style="color:rgb(57,57,57);background-color:rgb(255,255,255);"> and the Government imposes a tax on iPhones. In this scenario, pick the correct statement.
a consumers will pay a higher burden of the tax.
b producers & consumers will pay an equal burden of the tax.
c dont know.
d producers will pay a higher burden of the tax.