1. Under an excise tax, the price paid by the consumer is not equal to the price received by the producer because the difference in these prices is the

a. Deadweight loss of the tax

b. Per unit excise tax c. Total tax revenue generated

d. None of the above

2. The incidence of an excise tax depends on the price elasticity of supply and the price elasticity of demand. If the price elasticity of demand is _____ and the price elasticity of supply is _____, then the excise tax is paid mainly by ______. a. Low, high, consumers b. High, low, consumers

c. Low, high, producers

d. Low, low, consumers