The graph shows the market for flashlights when the government imposes a tax of $6 per flashlight on sellers. Next question Price (dollars per flashlight) 16- Who pays the tax? 14 12 Draw a point to show the price of a flashlight with no tax. Label it 1. Draw a point to show the price paid by buyers following the tax. Label it 2 10 8- Draw a point to show the price received by sellers following the tax. Label it 3. 6- The tax is 4- O A. split between the seller and the buyer, and the buyer pays more than the seller O B. paid by the sellers because it is imposed on the sellers by the government 2- O C. split evenly between the seller and the buyer to O D. paid by the buyers because tax is always added to the sale price at the check-out Quantity (millions of flashlights per year) >>> Draw only the objects specified in the question.
The graph shows the market for flashlights when the government imposes a tax of $6 per flashlight on sellers. Next question Price (dollars per flashlight) 16- Who pays the tax? 14 12 Draw a point to show the price of a flashlight with no tax. Label it 1. Draw a point to show the price paid by buyers following the tax. Label it 2 10 8- Draw a point to show the price received by sellers following the tax. Label it 3. 6- The tax is 4- O A. split between the seller and the buyer, and the buyer pays more than the seller O B. paid by the sellers because it is imposed on the sellers by the government 2- O C. split evenly between the seller and the buyer to O D. paid by the buyers because tax is always added to the sale price at the check-out Quantity (millions of flashlights per year) >>> Draw only the objects specified in the question.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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The graph shows the market for flashlights when the government imposes a tax of $6 per flashlight on sellers.
Price (dollars per flashlight)
16-
Who pays the tax?
S+tex
14-
12-
Draw a point to show the price of a flashlight with no tax. Label it 1.
10-
Draw a point to show the price paid by buyers following the tax. Label it 2.
8-
Draw a point to show the price received by sellers following the tax. Label it 3.
6-
The tax is
4-
O A. split between the seller and the buyer, and the buyer pays more than the seller
O B. paid by the sellers because it is imposed on the sellers by the government
2-
O C. split evenly between the seller and the buyer
10
Quantity (millions of flashlights per year)
12
O D. paid by the buyers because tax is always added to the sale price at the check-out
>>> Draw only the objects specified in the question.
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Expert Solution
Step 1
Meaning of Tax Imposition:
The term tax imposition or the tax hike refers to the situation under which the central authority or the government increases the tax slabs further from the original state, thus the tax imposition forces the individuals to pay more and extra from their income to the government.
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