Multiple Choice
Scenario 12-1
Ken places a $20 value on a cigar, and Mark places a $17 value on it. The equilibrium price for this brand of cigar is $15.
-Refer to Scenario 12-1. Suppose the government levies a tax of $1 on each cigar, and the equilibrium price of a cigar increases to $16. How much tax revenue is collected?
A) $0
B) $1
C) $2
D) $4
Correct Answer:
Verified
Correct Answer:
Verified
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