Liberty University ECON 213 Quiz 5

Liberty University ECON 213 Quiz 5

• Question 1

2 out of 2 points

Use the following information to answer the questions that follow.
The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, PC is the price that consumers pay, and PS is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers.

Which areas represent the amount of consumer surplus lost due to the tax?

• Question 2

2 out of 2 points

• Question 3

2 out of 2 points

• Question 4

2 out of 2 points

• Question 5

2 out of 2 points

• Question 6

2 out of 2 points

• Question 7

2 out of 2 points

• Question 8

0 out of 2 points

• Question 9

2 out of 2 points

• Question 10

2 out of 2 points

• Question 11

0 out of 2 points

Use the following information to answer the questions that follow.
 

The following graph depicts a market where a tax has been imposed. Pe was the equilibrium price before the tax was imposed, and Qe was the equilibrium quantity. After the tax, PC is the price that consumers pay, and PS is the price that producers receive. QT units are sold after the tax is imposed. NOTE: The areas B and C are rectangles that are divided by the supply curve ST. Include both sections of those rectangles when choosing your answers.

Which areas represent the amount of producer surplus lost due to the tax?

• Question 12

0 out of 2 points

• Question 13

0 out of 2 points

• Question 14

2 out of 2 points

• Question 15

0 out of 2 points