Using the graph shown,answer the following questions.
a.What was the equilibrium price in this market before the tax?
b.What is the amount of the tax?
c.How much of the tax will the buyers pay?
d.How much of the tax will the sellers pay?
How much will the buyer pay for the product after the tax is imposed?
How much will the seller receive after the tax is imposed?
As a result of the tax,what has happened to the level of market activity?
Definitions:
Favorability
The degree to which something is perceived positively or benefits someone.
Dispute
A disagreement, argument, or debate, particularly one that is prolonged or legal in nature.
Neighbor
An individual who lives near or next to another; in broader terms, a person who is part of one's immediate geographical community.
Temporal Discounting
The inclination to prioritize short-term gratification over long-term benefits.
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