Economics 12E - Arnold - TB_102

Economics 12E - Arnold - TB_102 - DIFFICULTY Moderate...

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DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 75. Refer to Exhibit 20-2. The market for good X is initially in equilibrium at $5. The government then places a per-unit tax on good X, as shown by the shift of S 1 to S 2 . As a result, the equilibrium price POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application
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