Use the Following to Answer Questions

question 43

Multiple Choice

Use the following to answer questions:
Figure: Tax on Supply and Demand
-(Figure: Tax on Supply and Demand) According to the figure, if the tax is placed on buyers, the equilibrium is at Point:

• A) B, and the equilibrium price and quantity are P₃ and Q₂.
• B) C, and the equilibrium price and quantity are P₃ and Q₂.
• C) C, and the equilibrium price and quantity are P₁ and Q₂.
• D) D, and the equilibrium price and quantity are P₂ and Q₁.

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Definitions:

Dicta

Comments, examples, or explanations provided by a judge in a legal opinion that are not necessary to the decision and thus not legally binding as precedent.

Legally Binding

Refers to an agreement or contract that is enforceable by law, where all involved parties are obligated to fulfill the terms.

Court Opinion

A formal statement written by a judge or a court of law detailing the reasoning behind a verdict in a case.

Dicta

Comments made by a judge in a court opinion that are not essential to the decision and therefore not legally binding as precedent.