For Widgets,the Supply Curve Is the Typical Upward-Sloping Straight Line,and

question 164

Multiple Choice

For widgets,the supply curve is the typical upward-sloping straight line,and the demand curve is the typical downward-sloping straight line.A tax of $15 per unit is imposed on widgets.The tax reduces the equilibrium quantity in the market by 300 units.The deadweight loss from the tax is

• A)$1,750.
• B)$2,250.
• C)$3,000.
• D)$4,500.

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Definitions:

Black Smokers

Hydrothermal vents on the seafloor in which hot water from within the rock jets out into cold seawater and forms a cloud of minerals, especially those rich in sulfur.

Sulfide Minerals

Minerals composed of sulfide ions and one or more metals; important as ore minerals and for their chemical properties.

Fast-Spreading Ridge

A geological feature where tectonic plates are diverging at a rapid rate, leading to significant volcanic activity and the formation of new oceanic crust.

Hydrothermal Vents

Hydrothermal vents are openings in the sea floor from which heated mineral-rich water flows, often located near volcanically active places.