Use the Figure Below to Answer the Following Question(s)

question 208

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 4-7

Refer to Figure 4-7. The supply curve S ₁ and the demand curve D indicate initial conditions in the market for gasoline. A $.60-per-gallon excise tax on gasoline is levied, which shifts the supply curve from S ₁ to S ₂. Which of the following states the actual burden of the tax?

• A) $.50 for buyers and $.10 for sellers
• B) $.50 for sellers and $.10 for buyers
• C) The entire $.60 falls on sellers.
• D) The entire $.60 falls on buyers.

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