Graph 8-3 -According to Graph 8-3, After the Tax Is Levied, Consumer

question 99

Multiple Choice

Graph 8-3

-According to Graph 8-3, after the tax is levied, consumer surplus is:

• A) $2400
• B) $1600
• C) $800
• D) $400

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Definitions:

Owner's Drawings

The amount of money or value of other assets withdrawn from the business by the owner for personal use.

Service Revenue

Income earned by providing services as opposed to selling physical goods.

Equipment

Tangible property used in operations, such as machinery and office hardware, which has a useful life longer than one year.

Income Statement

A financial report that shows the revenues, expenses, and profits or losses of a company over a specific period.