Suppose the Market Demand for Cigarettes Is: D=10- P, and the Supply

question 11

Multiple Choice

Suppose the market demand for cigarettes is: D=10- P, and the supply of cigarettes is: S=- 2+P, where P is the price per pack of cigarettes. If the government imposes a cigarette tax of $1 per pack, the government revenue from the tax is:

• A)$1.5.
• B)$1.75.
• C)$1.
• D)$3.5.

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