In 1993, the government increased the tax on gasoline producers from 14.1 cents per gallon to 18.4 cents per gallon. Our model of supply and demand predicts that:_____a. the demand for gasoline decreased. b. the supply for gasoline increased. c. the demand for gasoline increased. d. the supply for gasoline decreased. e. both the supply and demand for gasoline decreased.

Question

03-01-2020
Business

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In 1993, the government increased the tax on gasoline producers from 14.1 cents per gallon to 18.4 cents per gallon. Our model of supply and demand predicts that:_____a. the demand for gasoline decreased. b. the supply for gasoline increased. c. the demand for gasoline increased. d. the supply for gasoline decreased. e. both the supply and demand for gasoline decreased.

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obash obash · Answer 1 · 2020-01-03T22:27:01+01:00

Answer:

In 1993, the government increased the tax on gasoline producers from 14.1 cents per gallon to 18.4 cents per gallon. Our model of supply and demand predicts that

both the supply and demand for gasoline decreased.

Explanation:

The reason why both supply and demand will be decreased is a result in the increase of tax which will have direct effect on the price i.e the price will increase as result of tax increment and this will affect the rate at which the gasoline will be demanded for, hence; affects the supply rate as little quantity will be made available for sales.