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An excise tax of $1
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve A. down by $1.00. B. down by more than $1.00. C. up by $1.00. D. up by less than $1.00.
Expert Solution
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve C. up by $1.00 .
It is because the excise tax is a tax placed on the goods which are considered and superfluous like cigarettes, alcohol and so on. This tax is borne by the producers which raise the cost of producing goods. this tax would raise the cost by the same amount of the tax which would shift the supply curve to the upward by the same amount of $1.
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