Suppose That a Market Is Initially in Equilibrium

question 49

Multiple Choice

Suppose that a market is initially in equilibrium.The initial demand curve is The initial supply curve is Suppose that the government imposes a $3 tax on this market.How much of this $3 tax is paid by consumers?

• A) $1.
• B) $1.50.
• C) $2.
• D) $3

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Definitions:

Self-control

The competence to supervise one's sentiments, ideations, and behavioral responses in the presence of enticing temptations and immediate instincts.

Accommodating

The act of adjusting one's behavior or decisions to suit another's needs, preferences, or demands.

Machiavellian

Characterized by cunning, strategic manipulation, and a focus on self-interest and personal gain.

Conventional Morality

A stage of moral development where individuals adhere to rules and conventions of society to maintain order and relationships.