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Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale, holding all else constant.
Highly Inelastic
Describes a situation where demand or supply shows little to no response to changes in price, often due to the lack of close substitutes.
Highly Elastic
Describes a market situation where demand or supply of a good or service is very sensitive to changes in price.
Excise Tax
A tax imposed on the sale of specific goods and services, such as fuel, tobacco, and alcohol.
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