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

question 162

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.How much revenue does the $.60-per-gallon tax generate for the government?

• A)$40 billion
• B)$48 billion
• C)$50 billion
• D)$60 billion

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Definitions:

Physiological Change

Alterations in the normal functions of the body, which can be due to various factors including stress, disease, and environmental changes.

Emotional Episode

A sequence of emotional reactions occurring in response to a specific event or situation.

Vary

To change or alter in form, appearance, or nature, often in a slight way, leading to variations within a group or patterns.

Intensity

The quality or state of being intense; often refers to the degree or amount of strength, force, energy, or feeling.