10. Problems and Applications 06 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 bullet How would you expect this to affect the amount of tax revenue raised? This tax likely won't raise much revenue because the high tax rate will probably cause the equilibrium quantity to be near zero. O This tax will generate a lot of tax revenue because of its high rate. O This tax will increase tax revenue by 10,000 percent. Even if the tax would raise no revenue, why might Senator Moynihan have proposed it? O To discourage the use of hollow-tipped bullets O To boost the manufacturing industry of hollow-tipped bullets To increase the popularity of hollow-tipped bullets Save & Continue Continue without saving