The net loss to society from a tax on a product can be measured as:
a. the loss in consumer surplus
b. the loss in producer surplus.
c. the loss in both consumer and producer surplus.
d. the difference between the loss in consumer and producer surplus and the gain in tax revenue.
d
Economics
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The SRAS upward sloping shows an increase in P and G & S.
a. true b. false
Economics
A surplus means a(n):
A. excess demand for the product at the current price. B. situation where the current market price is too low. C. situation where the quantity demanded exceeds the quantity supplied. D. excess supply of the product at the current price.
Economics