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

question 90

Multiple Choice

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

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Definitions:

Anecdotal

Information based on personal accounts, observations, or stories, rather than systematic scientific evaluations.

Explanatory

Serving or intended to explain or make clear.

Big Five Personality Traits

A model outlining five broad dimensions used to describe human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Genetic Basis

The underlying genetic makeup that contributes to the physical and behavioral traits of an organism.