Use the Following to Answer Questions

question 251

Multiple Choice

Use the following to answer questions:
Figure: The Gasoline Market
-(Figure: The Gasoline Market) Look at the figure The Gasoline Market. The pretax equilibrium price is $3, and the equilibrium quantity before tax is 20,000 gallons. An excise tax has been levied on each gallon of gasoline supplied by producers, shifting the supply curve upward. The total tax revenue collected by the government is equal to:

• A) $1.50.
• B) $15,000.
• C) $26,250.
• D) $30,000.

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Definitions:

Continent Intact

This term is unclear but may refer to a continent remaining geologically stable or undivided by significant natural events over time.

Continental Rift

A linear zone where the Earth's crust and lithosphere are being pulled apart and is the initial stage of a continental break-up leading to the formation of a new ocean basin.

Divergent Boundary

A tectonic plate boundary where two plates move away from each other, leading to the formation of new crust as magma rises to the surface.

Plate Movements

Plate movements refer to the slow, continuous motion of Earth's lithospheric plates on the semi-fluid asthenosphere, causing phenomena like earthquakes, volcanic activity, and the formation of mountains.