The new price of a chocolate bar after the imposition of a tax on sellers is $1.40.
A tax can be described as the transfer of wealth from businesses and households to the government. Types of taxes include sales tax, income tax and corporate income tax. After the imposition of tax, the price of the chocolate bar would increase.
In order to determine the new price of a chocolate bar, the initial price has to be determined. The initial price is the price at which the quantity demanded equals the quantity supplied. This is known as the equilibrium price. Graphically, this is the point of intersection of the demand and supply curve. Examining the table, the equilibrium price is $1.20.
Increase in price after the imposition of tax = initial price + tax
$1.20 + $0.20 = $1.40
To learn more about taxes, please check: https://brainly.com/question/16423331?referrer=searchResults
