Use the following to answer question(s) : The Determinants of Demand and Supply
-(Exhibit: The Determinants of Demand and Supply) The exhibit shows how supply and demand might shift in response to specific events.Suppose scientists discover that eating a tomato a day prevents aging.Which panel best describes how this will affect the market for tomatoes?
Definitions:
Excess Burden
The amount by which the burden of a tax exceeds the total revenue collected. Also called deadweight loss.
Tax Revenue
The revenue collected by governments from taxes.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.
Excess Burden
The cost to society created by market inefficiency, particularly through taxation or other government policies, beyond the immediate financial effects.
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