Daniel Patrick Moynihan, the late senator from New York, once introduced a bill that would levy a 10,000 percent tax on certain hollow-tipped bullets.

True or False:

This tax won't raise much revenue because the high tax rate would likely cause the equilibrium quantity to be near zero.

Daniel Patrick Moynihan, the late senator from New York, once introduced a bill that would levy a 10,000 percent tax on certain hollow-tipped bullets.

However, this tax won't raise much revenue because the high tax rate would likely cause the equilibrium quantity to be near zero.

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Daniel Patrick Moynihan, the late senator from New York, once introduced a bill that would levy a 10,000 percent tax on certain hollow-tipped bullets. True or False: This tax won't raise much revenue because the high tax rate would likely cause the equilibrium quantity to be near zero.

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Daniel Patrick Moynihan, the late senator from New York, once introduced a bill that would levy a 10,000 percent tax on certain hollow-tipped bullets.

True or False:

This tax won't raise much revenue because the high tax rate would likely cause the equilibrium quantity to be near zero.