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Question 1 In one of the practice games by MRUniversity, you were asked the following question: Government enacts a tax on soda producers and the

Question 1

In one of the practice games by MRUniversity, you were asked the following question:

Government enacts a tax on soda producers and the price of soda increases. Consider the demand curve for soda. What happens?

Explain in 5 steps how you would solve this problem.

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