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

question 143

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Use the figure below to answer the following question(s) .
Figure 4-9
Use the figure below to answer the following question(s) . Figure 4-9   Refer to Figure 4-9. The market for gasoline was initially in equilibrium at point b and a $.40 excise tax is illustrated. What does the triangular area abc represent? A)  the revenue the government derives from the tax B)  the tax paid by consumers C)  the tax paid by producers D)  the deadweight loss (or excess burden)  created by the tax
Refer to Figure 4-9. The market for gasoline was initially in equilibrium at point b and a $.40 excise tax is illustrated. What does the triangular area abc represent?

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Ideological

Pertaining to a system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.

Contingent

Dependent on or conditioned by something else; not absolute or certain.

Racial Stereotypes

Preconceived and oversimplified ideas or images about the characteristics of members of a specific race, often used to justify prejudicial attitudes and discrimination.

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The system of practices and institutions of governments directed at upholding social control, deterring and mitigating crime, and sanctioning violators with criminal penalties and rehabilitation efforts.

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