Figure 18-2 -Figure 18-2 Shows the Widget Market Before and After an and After

question 46

Multiple Choice

Figure 18-2
-Figure 18-2 shows the widget market before and after an excise tax is imposed.What percentage of the tax per widget is borne by consumers, considering the true economic incidence of the tax?

• A)0 percent
• B)20 percent
• C)50 percent
• D)80 percent

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Definitions:

Need For Affiliation

A person's desire to create and maintain social relationships and bonds with others.

Peak Experience

A term coined by psychologist Abraham Maslow referring to a state of profound and deeply moving experience where one feels a sense of unity and meaningfulness in life.

Instinct Approach

A perspective in psychology that emphasizes innate, biological drives as the primary motivator for behavior.

Primary Drives

Basic, instinctual drives that motivate an organism to fulfill its fundamental needs, such as hunger, thirst, or the need for warmth.