Use the Following to Answer Questions

question 244

Multiple Choice

Use the following to answer questions:
Figure: The Gasoline Market
-(Figure: The Gasoline Market) Look at the figure The Gasoline Market. The pretax equilibrium price is $3, and the equilibrium quantity before tax is 20,000 gallons. An excise tax has been levied on each gallon of gasoline supplied by producers. Based on the graph, the incidence of the tax on suppliers is:

• A) $1.50.
• B) $1.
• C) $0.75.
• D) $15,000.

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Definitions:

Adolescence

A developmental stage between childhood and adulthood, marked by physical, psychological, and social changes, typically occurring between ages 12 and 18.

Infancy

The earliest stage in human development, from birth to the age of two, characterized by rapid physical growth and cognitive development.

Forebrain

The largest and most recently evolved portion of a mammalian brain; includes the cerebrum.

Hindbrain

The part of the mammalian brain that evolved first. Includes the medulla, pons, cerebellum, and reticular formation.