How Is the Market for Gasoline Affected If the Excise

question 60

Multiple Choice

How is the market for gasoline affected if the excise tax on gasoline is reduced?

• A) The supply of gasoline decreases.
• B) The supply of gasoline increases.
• C) The equilibrium quantity of gasoline decreases.
• D) The equilibrium price of gasoline increases.

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Definitions:

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