Figure 10-13

question 516

Multiple Choice

Figure 10-13. On the graph, Q represents the quantity of plastics and P represents the price of plastics.
-Refer to Figure 10-13. If the government imposed a corrective tax that successfully moved the market from the market equilibrium to the social optimum, then tax revenue for the government would amount to

• A)$1,250.
• B)$1,600.
• C)$2,000.
• D)$2,500.

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Definitions:

Absolute Value

A number's distance from zero on the number line, without considering its direction; denoted by two vertical bars on either side of the number.

Second Quartile

Also known as the median; it splits the data set into two halves, with 50% of the data below it and 50% above it.

Relative Standing

A measure or ranking of a value or observation within the context of a larger set of data or population.

Observation

An act of recording the occurrence or existence of a specific entity or phenomenon.