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Use the following to answer questions :
Figure: Tax Incidence Use the following to answer questions : Figure: Tax Incidence   -(Figure: Tax Incidence) Use Figure: Tax Incidence.All other things unchanged,the effect of an excise tax on gasoline in the long run is most likely illustrated by panel _____,and the greater share of the burden of the excise tax (shown by the tax wedge in each panel) is borne by _____. A)  a;buyers B)  b;sellers C)  b;buyers D)  a;sellers
-(Figure: Tax Incidence) Use Figure: Tax Incidence.All other things unchanged,the effect of an excise tax on gasoline in the long run is most likely illustrated by panel _____,and the greater share of the burden of the excise tax (shown by the tax wedge in each panel) is borne by _____.


Definitions:

Equilibrium Constant

The equilibrium constant is a number that expresses the ratio of the concentrations of the products to the reactants at equilibrium, symbolized as K_eq in chemical reactions.

Products

The substances that result from a chemical reaction, situated on the right-hand side of a chemical equation.

Reactants

Substances consumed or altered in the course of a chemical reaction, transitioning from initial substances to products.

Equilibrium Constant

A value that expresses the ratio of the concentration of the products to the concentration of the reactants at equilibrium, indicating the extent of a chemical reaction.

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