(Figure: Model of a Competitive Market) Use Figure: Model of a Competitive Market.Given the figure,if a tax is imposed on sellers,the equilibrium price will _____ and the equilibrium quantity will _____.

A) increase;decrease
B) remain the same;increase
C) remain the same;decrease
D) increase;increase

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to market equilibrium.

Equilibrium Quantity

The amount of products or services available matches precisely the amount desired by consumers at the current market rate.

Tax

Mandatory financial charge or another type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.