A good is traded in a perfectly competitive market at a price of $34. A tax of $12 per unit is imposed on consumers of the good. As a result, the price received by the sellers falls to $26. How is the burden of the tax shared between consumers and producers?

1. producers bear 33.3% of the burden, consumers bear 66.7%

2. producers bear 0% of the burden, consumers bear 100%

3. producers bear 75% of the burden, consumers bear 25%

4. producers bear 66.7% of the burden, consumers bear 33.3%