New government revenue with the tax can be represented by a. the area of a rectangle with a height equal to the tax and a base equal to the quantity sold. b. the area of a rectangle with a height equal to the equilibrium price and a base equal to the quantity sold. c. the area of a rectangle with a height equal to the difference in the equilibrium price and the tax and a base equal to the quantity sold. d. the area of the triangle above the supply curve and below the equilibrium price.

A. the area of a rectangle with a height equal to the tax and a base equal to the quantity sold.

Explanation:

The incidence of a tax alters the free market parameters where the iteration between supply and demand determines the quantity sold at an equilibrium price. In the attached illustration, this point occurs where supply and demand curves intersect, where quantity and price operate without fees (red line).

The tax negatively affects both the consumer and the supplier. The equilibrium of the economy falls apart and a new quantity is offered. Similarly, at the price with tax, a new quantity is demanded. In the attached chart, this is seen at two points: quantity delivered x price received by tax sellers; quantity demanded x price paid by consumers with tax. Both with blue lines. The difference between the quantity supplied and the quantity demanded is exactly the size of the tax. The quantity traded with rate consists of the base of a rectangle and the difference between the demanded price (with tax) and the offer price (with tax) is the height of the rectangle. From this data, it is possible to calculate the tax when the question provides the numerical data.

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