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Two small California cities, Richmond and El Monte, are planning to impose a penny per ounce tax on sugary drinks. They are being opposed by the soda industry that is vehemently against this new legislation. (Source: Reuters, September 6, 2012)
-Assuming the market of soda has a regular downward sloping demand curve and upward sloping supply curve, the tax will ________ the price paid by buyers and ________ the price received by sellers.
Wealth
The total value of all the economic resources owned by an individual or entity.
Contribute
To give something, such as time, money, or resources, towards a common goal or cause, often for the benefit of a larger group or project.
Benefit
A term referring to the positive outcome or satisfaction received from consuming a good or service or from a particular economic activity.
Nash Equilibrium
A situation in a non-cooperative game where each player's strategy is optimal, given the strategies of all other players in the game.
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