Examlex
The long-run aggregate supply curve is upward sloping because of sticky wages and prices.
Excise Tax
A tax levied on the sale of specific goods and services, such as tobacco, alcohol, and fuel.
Levied
Imposed or collected (usually a tax, fine, or other charge) by authority or force.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of demand to price changes.
Luxury Tax
A tax imposed on expensive goods and services considered to be non-essential or luxurious.
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