Remaining Time: 1 hour, 20 minutes, 42 seconds. Question Completion Status: Pnce (per ride) $7.50 S 7.00 6.50 6.00 5.50 E 5.00 4.50 4.00 3.50 3.00 D 2.50 2.00 5 6 7 8 9 10 11 12 13 14 15 Quantity (millions of rides per year) The following graph shows the market for the long-distance bus rides. In the absence of taxes, the equilibrium price of a ride is $5 and the equilibrium quantity is 10 million rides. Suppose that regulator levies an excise tax on bus service providers. The amount of excise tax equals $2 per ride. Calculate the amount of dead-weight loss resulting from this tax. $1 million $4 million $2 million $0.5 million

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