Scenario 12-1 Suppose Jim and Joan Receive Great Satisfaction from Their Consumption

question 114

Multiple Choice

Scenario 12-1
Suppose Jim and Joan receive great satisfaction from their consumption of cheesecake.Joan would be willing to purchase only one slice and would pay up to $6 for it.Jim would be willing to pay $9 for his first slice,$7 for his second slice,and $3 for his third slice.The current market price is $3 per slice.
-Refer to Scenario 12-1.Assume that the government places a $4 tax on each slice of cheesecake and that the new equilibrium price is $7.Which of the following statements is correct?

• A) Jim will bear the full burden of the deadweight loss.
• B) Joan will bear the full burden of the deadweight loss.
• C) Both Joan and Jim will share the burden of the deadweight loss.
• D) There will be no deadweight loss.

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