Consider the following statements– The incidence of corporate income tax under competition depends upon1. the elasticity of substitution between factors in the non-corporate sector industries.2. the income elasticity of demand for the output of the corportate sector industries.3. the elasticity of substitution in demand between the outputs of the corporate sector and the noncorporate sector industries.4. the difference between the factor proportions in the corporate and non-corporate sectors Of these statements.

Public finance is the study of the role of the government in the economy. It is the branch of economics that assesses the government revenue and government expenditure of the public authorities and the adjustment of one or the other to achieve desirable effects and avoid undesirable ones.