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

question 244

Multiple Choice

Use the figure below to answer the following question(s) . Figure 4-7
Refer to Figure 4-7. The supply curve S₁ 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 S₁ to S₂. Imposing the tax causes the equilibrium price of gasoline to increase from

• A) $.80 to $1.40.
• B) $.80 to $1.50.
• C) $.90 to $1.50.
• D) $.90 to $1.40.

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