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Get faster at matching terms Terms in this set (8)Refer to Figure 8-1. Suppose the government imposes a tax of P' - P'''. Total surplus before the tax is measured I+J+K+L+M+Y Refer to Figure 8-1. consumer surplus before the tax Refer to Figure 8-1. tax revenue Refer to Figure 8-1. M Refer to Figure 8-1. deadweight loss due to the tax Economists generally agree that the most important tax in the U.S. economy is the tax on labor Labor taxes may distort labor markets greatly if the number of hours many part-time workers want to work is very sensitive to the wage rate The Laffer curve relates the tax rate to tax revenue raised by the tax
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