Topic: Equilibrium Diculty: 0% Correct Responses: 0 Discrimination Index: 0Correct Answer:…

Topic: Equilibrium Diculty: 0% Correct Responses: 0 Discrimination Index: 0Correct Answer: A16.37Daily demand for gasoline at Billy-Bob’s Mobile Station is described by Q = 776 ?? 200p where Qare gallons of gasoline sold and p is the price in dollars. Billy-Bob’s supply is Q = ??890 + 1; 500p.Suppose the state government places a tax of 20 cents on every gallon of gasoline sold. What is thedeadweight loss resulting from this tax?(a) 3.53 dollars.(b) 3.11 dollars.(c) 0.42 dollars.(d) 96.12 dollars.(e) 34.59 dollars.Topic