Assume the Supply Curve for Cigars Is a Typical,upward-Sloping Straight

question 41

Multiple Choice

Assume the supply curve for cigars is a typical,upward-sloping straight line,and the demand curve for cigars is a typical,downward-sloping straight line.Suppose the equilibrium quantity in the market for cigars is 1,000 per month when there is no tax.Then a tax of $0.50 per cigar is imposed.The effective price paid by buyers increases from $1.50 to $1.90 and the effective price received by sellers falls from $1.50 to $1.40.The government's tax revenue amounts to $475 per month.Which of the following statements is correct?

• A) After the tax is imposed, the equilibrium quantity of cigars is 900 per month.
• B) The demand for cigars is more elastic than the supply of cigars.
• C) The deadweight loss of the tax is $12.50.
• D) The tax causes a decrease in consumer surplus of $380.

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Definitions:

Selective Mating Choices

Selective mating choices involve choosing partners based on specific criteria or traits, affecting genetic diversity and evolution.

Human Males And Females

Refers to the two primary biological sexes in humans, each with distinct physiological and genetic characteristics.

Evolutionary Tendencies

Refers to patterns or directions of evolutionary change within species over generations, often driven by environmental pressures and genetic variations.

Polygyny

is a form of marriage in which a man is married to more than one woman at the same time.