If an Excise Tax Is Imposed on Steak

question 19

Multiple Choice

If an excise tax is imposed on steak,

• A) the government's tax revenue will decrease
• B) the government's tax revenue will increase
• C) the amount of steak produced and sold will increase
• D) the market price of steak will decrease
• E) the market price will rise but the market quantity will be unaffected

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