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.
-Which areas represent the amount of consumer surplus lost due to the tax?
Definitions:
Breccia
A type of rock composed of broken fragments of minerals or rocks cemented together by a fine-grained matrix.
Conglomerate
A sedimentary rock composed of rounded clasts of varying sizes cemented together by a matrix.
Shale
A fine-grained clastic sedimentary rock formed by the consolidation of clay and other fine-grained material.
Well Sorted
Describes sedimentary particles that are uniform in size, indicating a specific and stable environment of deposition.
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