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Demand Supply Total Spending by Consumers Total Revenue for Producers Price of Socks -Wedge--- Tax Revenue Quantity of Socks As a result of the tax,
Demand Supply Total Spending by Consumers Total Revenue for Producers Price of Socks -Wedge--- Tax Revenue Quantity of Socks As a result of the tax, the price received by producers falls, and total receipts for producers fall as long as supply is inelastic upward sloping 0.5 / 1 elastic Explanation: tion inelastic
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