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If a decrease in income leads to an increase in the demand for sardines, then sardines are
Workers Pay
The compensation, including wages, salaries, and benefits, that an employee receives from an employer in exchange for their labor.
Excise Tax
A specific tax levied on certain goods, such as cigarettes or alcohol, usually to discourage their use or generate revenue.
Consumer Surplus
The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.
Producer Surplus
The difference between what producers are willing to sell a good for and the actual price they receive, reflecting extra profit.
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