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2 (1 point) Listen Figure 7-3 is a supply and demand curve for the shrimp market. On the y-axis is the price of shrimp per

2 (1 point) Listen Figure 7-3 is a supply and demand curve for the shrimp market. On the y-axis is the price of shrimp per pound. On the x-axis is the quantity of shrimp in pounds. The demand curve starts at $20 and a quantity demanded of 0 and progresses down to a price of $5 and a quantity demanded of 1,500 pounds. The supply curve starts at $5 and a quantity supplied of 0 and progresses up to $20 and a quantity supplied of 1,500 pounds. The two curves intersect at the price point of $12.50 where 750 pounds of shrimp will be offered. There are also several lines showing corresponding points on the supply and demand curves. At a price of $17.50, 250 pounds of shrimp will be demanded and 1,250 pounds of shrimp will be supplied. At a price of $15, 500 pounds of shrimp will be demanded and 1,000 pounds of shrimp will be supplied. At a price of $10, 500 pounds of shrimp will be supplied and 1,000 pounds of shrimp will be demanded. At a price of $7.50, 250 pounds of shrimp will be supplied and 1,250 pounds of shrimp will be demanded. Reference: Ref 7-3 Figure: The Shrimp Market (Figure: The Shrimp Market) Use Figure: The Shrimp Market. If the government wants to limit shrimp sales to 500 pounds, it can impose a _____ excise tax on sellers, and the total tax revenue generated will be _____. Question 2 options: $5; $2,500 The answer cannot be determined from the information provided. $7.50; $7,500 $10; $2,500

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