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Use the following information to answer the next fifteen questions.
The following graph depicts a market where a tax has been imposed. Pₑ was the equilibrium price before the tax was imposed, and Qₑ was the equilibrium quantity. After the tax, PC is the price that consumers pay, and PS is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers.
-What areas represent the total cost to society,in terms of lost social welfare,created as a result of the tax?
Mortality
The state of being subject to death; often used in statistics to describe the number of deaths within a population over a given period.
Measles
A highly infectious viral illness known for causing a rash, fever, and cough, and is preventable through vaccination.
Sudden Infant Death Syndrome (SIDS)
The unexplained death, usually during sleep, of a seemingly healthy baby less than a year old.
Malabsorption Defect
A condition where the small intestine cannot absorb nutrients properly from food.
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