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

question 202

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 poit b.If a $.40 excise tax was imposed,

• A)the supply of gasoline would shift to S₂.
• B)the price of gasoline to consumers would increase from $1.20 per gallon to $1.40 per gallon.
• C)the net price received by producers of gasoline would decline from $1.20 per gallon to $1.00 per gallon.
• D)all of the above would occur.

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