Per-Unit Tax on Pharmaceutical Companies: Impact on Market Dynamics and Consumer Welfare
Prompt
Create an illustrative diagram showing the impact of a per-unit tax on pharmaceutical companies. The diagram should depict the original supply curve (labelled as 'S') and the new supply curve (labelled as 'S') after the application of the tax. The vertical shift of the supply curve represents the amount of the per-unit tax. The equilibrium point should change to reflect the new higher price paid by consumers and a lower price received by pharmaceutical companies. Please indicate that the tax burden is represented by the vertical distance between these two curves. The resulting dynamics should show an increase in government revenue, higher consumer prices, decreased producers' profits, and the overall impact on market dynamics and consumer welfare.
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