Figure 8-11 -Refer to Figure 8-11.The Price Labeled as P₁ on the as P₁

Multiple Choice

Figure 8-11

-Refer to Figure 8-11.The price labeled as P₁ on the vertical axis represents the price

A) received by sellers before the tax is imposed.
B) received by sellers after the tax is imposed.
C) paid by buyers before the tax is imposed.
D) paid by buyers after the tax is imposed.