liven the graph below, what is the most accurate statement to make about this market for some unspecified good. Price($) 10 9 8 7 6 5 4 3 2 1 0 012 MSC+Tax imposed X MSC MSB 8 9 10 Quantity (millions) Total economic welfare is being maximised at the new equilibrium price and quantity O. A black market is likely to emerge, resulting in economic welfare in society being maximised despite the government's decision O There will be a deadweight loss of economic welfare experienced in the society as a whole It is impossible to say what the overall welfare impact will be on society because it depends on how the government subsequently distributes the revenue obtained The government's action will result in a shortage in the market and a loss of economic welfare O consumers will lose economic welfare but suppliers will gain economic because consumers will have to pay higher prices to suppliers

liven the graph below, what is the most accurate statement to make about this market for some unspecified good. Price($) 10 9 8 7 6 5 4 3 2 1 0 012 MSC+Tax imposed X MSC MSB 8 9 10 Quantity (millions) Total economic welfare is being maximised at the new equilibrium price and quantity O. A black market is likely to emerge, resulting in economic welfare in society being maximised despite the government's decision O There will be a deadweight loss of economic welfare experienced in the society as a whole It is impossible to say what the overall welfare impact will be on society because it depends on how the government subsequently distributes the revenue obtained The government's action will result in a shortage in the market and a loss of economic welfare O consumers will lose economic welfare but suppliers will gain economic because consumers will have to pay higher prices to suppliers

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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Mr.A who is the business of selling furniture has provided his demand and supply for hisproductsDuring the year 2018Price $ Demand supply12 0 3610 3 308 6 246 9 184 12 122 15 60 18 01.Draw the demand and supply graph and plot the equilibrium price and quantity2.Find the consumer and producer surplus3.Comment on below prices on whether it will lead to excess demand or supply10,4,12,04.The Government introduced a tax of 6 $.Show the impact in the graph5.Calcualte the consumer burden, supplier burden and Government revenue
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