Use This Figure to Answer the Corresponding Questions

question 116

Essay

Use this figure to answer the corresponding questions.
The substance labeled 3 is called ____________________, and it is released from the ____________________ during a meal.

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Definitions:

Tax

A compulsory monetary fee or a different kind of charge levied on a taxpayer by a government entity to finance government expenses and various public costs.

Buyers

Individuals or entities that purchase goods or services for consumption, use, or investment.

Total Surplus

The combined benefit that all participants (consumers and producers) receive in a market, represented by the sum of consumer and producer surplus.

Market Equilibrium

A condition in a market where the quantity demanded equals the quantity supplied, leading to a stable price.