Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. Suppose the government imposes a tax of $2 per pound of fish, and the tax is paid in legal terms by producers. Which of the following shows the difference between the total burden of the tax and the amount of revenue collected by the government?
A. Triangle A
B. Rectangle B
C. Triangle C
D. Rectangle E
Answer: C
Economics
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The most common form of business organization, as far as the number of such firms in business, is the
A. partnership. B. corporation. C. proprietorship. D. S corporation.
Economics
Refer to Figure 4-6. What area represents the deadweight loss at the equilibrium price of P1?
A) G + H B) C + E C) C + E + H D) There is no deadweight loss at the price of P1.
Economics