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(Figure: Tax on Seller) In the graph shown, the original equilibrium price is $50. A $6 tax is placed on sellers in this market. Who
(Figure: Tax on Seller) In the graph shown, the original equilibrium price is $50. A $6 tax is placed on sellers in this market. Who bears the statutory burden of this tax? A graph shows Quantity along the horizontal axis and Price in dollars along the vertical axis. The horizontal axis reads 45 and 50, and the vertical axis reads 45, 50, 51, and 60. A positive Old Supply curve starts from the origin and ends at the top-right portion of the first quadrant. Another positive curve labeled New Supply starts above the starting point of Old Supply on the vertical axis and ends at the top-right portion of the first quadrant. A negative Demand curve starts from 60 dollars on the vertical axis and intersects the New Supply curve at (45, 51) and the Old Supply curve at (50, 50). Dotted lines from the points (45, 51), (50, 50), and (45, 45) meet their respective coordinates on the horizontal and vertical axes. Question 7 options: sellers buyers the government the people who make the tax laws
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