Scenario 12-2 Suppose Roger and Regina Receive Great Satisfaction from Their Consumption

question 453

Multiple Choice

Scenario 12-2
Suppose Roger and Regina receive great satisfaction from their consumption of cheesecake. Regina would be willing to purchase only one slice and would pay up to $8 for it. Roger would be willing to pay $11 for his first slice, $9 for his second slice, and $5 for his third slice. The current market price is $5 per slice.
-Refer to Scenario 12-2.Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $9.What is the deadweight loss of the tax?

• A) $3
• B) $6
• C) $8
• D) $9

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Definitions:

Blood Clot

A mass formed by the coagulation of blood, which can be beneficial in preventing blood loss from injuries but harmful if it blocks blood flow through veins or arteries.

Artery

Blood vessels that carry oxygen-rich blood away from the heart to the body.

Cardiac Arrest

A sudden loss of heart function, leading to the cessation of effective blood circulation and requiring immediate medical attention.

Responsiveness

The quality of reacting quickly and positively to stimuli or changes, often used in contexts ranging from individual behaviors to system performance.