Decide Whether the Figure Is Convex or Concave

question 59

Multiple Choice

Decide whether the figure is convex or concave.
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• A)Convex
• B)Concave

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Definitions:

Equilibrium Quantity

The quantity of goods or services that is supplied and demanded at the equilibrium price, where the market clears.

Tax Per Unit

A fixed amount of tax applied to a product or service, based on the quantity sold, rather than the value.

Tax Incidence

The study of who ultimately pays for and bears the cost of taxation, whether it be consumers, producers, or others.

Tax Incidence

The analysis of the effect of a particular tax on the distribution of economic welfare among entities like consumers, producers, and the government.