A company's income statement showed the following: net income, $134,000; depreciation expense, $30,000; and gain on sale of plan
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If the government raises the excise tax of the product then supply curve tends to shift leftwards. Therefore, The above statement is false.
<h3>What is Supply Curve?</h3>The supply curve refers to the graphical representation of the supply and the prices of the commodity. It tells how the supply of the commodity affects the prices of the product.
The complete question is attached below.
According to the above situation, when government increases the taxes of the gallon of gasoline then the supply curve will shift leftwards as the supply decreases.
It will lead to the increment in the level of the prices as the demand of the product will fall. Therefore, the above statement is false.
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