In the market for gadgets, the supply curve is the typical upward-sloping straight line, and the demand curve is the typical downward-sloping straight line. The equilibrium quantity in the market for gadgets is 320 per month when there is no tax. Then a tax of $6 per gadget is imposed. As a result, the government is able to raise $1,500 per month in tax revenue. We can conclude that the equilibrium quantity of widgets has fallen by
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In the market for gadgets, the supply curve is the typical upward-sloping straight line, and the dem...
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