(@ younncomes $10,000 (mi younncome: $12,000 7. Ifthegovernmentlaces $500taxonluxurycars willthepricepaidbyconsumers rise by more than $500 or exactly $500? Thoroughly explain your answer using a graph (ie., supply and demand curves). 8. A tax on crude oil would raise the cost of the primary resource used in the production of gasoline. A proponent of such a tax has claimed that it will not raise the price of gasoline using the following argument. While the price of gasoline may rise initially, that price increase will cause the demand for gasoline to decrease, which will push the price back down Do you agree? Thoroughly explain your answer using a graph (me., supply and