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Athos, Porthos,and Aramis each like to take fencing lessons. The price of a fencing lesson is $10. Athos values a fencing lesson at $15, Porthos at $13, and Aramis at $11. Suppose that if the government taxes fencing lessons at 50 cents each, the price rises to $10.50. A consequence of the tax is that consumer surplus shrinks by
Parabola
A symmetrical, open plane curve formed by the intersection of a cone with a plane parallel to its side.
Diagonal Line
A line segment that joins two non-adjacent vertices in a polygon or two vertices in a polyhedron that are not on the same face, often creating a sense of movement in artwork or design.
Demand Curve
A graph showing the relationship between the price of a product and the quantity of the product demanded at those prices, generally sloping downwards from left to right.
Price Constraint
A limitation on the price-setting process, often due to factors such as market competition, production costs, or regulatory guidelines.
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