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Many economists argue that a tax on apartment buildings is likely to reduce the supply of apartments, but that a tax on all land, including the land on which apartment buildings stand, will not reduce the supply of apartments. Can you explain the difference? How is this answer related to the answer to Test Yourself Question 3?

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Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992

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Section
BuyFindarrow_forward

Microeconomics: Principles & Policy

14th Edition
William J. Baumol + 2 others
Publisher: Cengage Learning
ISBN: 9781337794992
Chapter 18, Problem 4TY
Textbook Problem
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Many economists argue that a tax on apartment buildings is likely to reduce the supply of apartments, but that a tax on all land, including the land on which apartment buildings stand, will not reduce the supply of apartments. Can you explain the difference? How is this answer related to the answer to Test Yourself Question 3?

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