11. When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax.
12. A tax places a wedge between the price buyers pay and the price sellers receive.
13. A tax on a good causes the size of the market to increase.
14. A tax on a good causes the size of the market to shrink.
15. When a tax is imposed, the loss of consumer surplus and producer surplus as a result of the tax exceeds the tax revenue collected by the government.
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