Complete the first row of the following table by entering the price paid by cons
ID: 1218850 • Letter: C
Question
Complete the first row of the following table by entering the price paid by consumers, the price received by producers, and the quantity of beer sold in the absence of a tax on this market.
Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (In fact, both the federal and state governments impose beer taxes of some sort.)
Complete the second row of the following table by entering the price paid by consumers, the price received by producers, and the quantity of beer sold when beer drinkers pay a $2 tax on each case of beer.
Given the previous results, which of the following statements are true? Check all that apply.
___ The difference between the price paid by consumers and the price received by producers remains unchanged.
___ The quantity of beer sold decreases as a result of the tax.
____ The price producers receive decreases as a result of the tax.
____ The price consumers pay decreases as a result of the tax.
Tax Price Paid by Consumers Price Received by Producers Quantity of Beer Sold (Dollars per case) (Dollars per case) (Dollars per case) (Cases) 0 _______________ __________________ _________________ 2 __________________ ___________________ ____________________Explanation / Answer
For completing the table please attach the graph of the market mentioned.
Among the statements mentioned, the correct statements are :
The quantity of beer sold decreases as a result of the tax.
The price producers receive decreases as a result of the tax.