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Q4) For the next three questions, use the following information. The market for gizmos is competitive, with an upward sloping supply curve and a downward

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Q4) For the next three questions, use the following information. The market for gizmos is competitive, with an upward sloping supply curve and a downward sloping demand curve. With no government intervention, the equilibrium price would be 825 and the equilibrium quantity would be 10,000 gizmos. Consider the following programs of government intervention: Program I: The government imposes an excise tax of $2 per gizmo

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