Examlex
For which of the following markets would the fallacy of composition least likely apply?
Government-run Businesses
Enterprises or corporations that are owned and operated by a government in order to provide goods or services to its citizens.
Excise Tax
A duty imposed on particular products, services, or actions, frequently intended to diminish their usage or to collect funds.
Elastic
Describes a situation where the demand for a product or service significantly changes in response to price changes.
Inelastic
A characteristic of demand or supply where the quantity demanded or supplied changes by a smaller percentage than changes in the price.
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