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A cyclic process is carried out on an ideal gas such that it returns to its initial state at the end of a cycle, as shown in the pV diagram in the figure. If the process is carried out in a clockwise sense around the enclosed area, as shown on the figure, then the change of internal energy over the full cycle
Inelastic
Describing a situation where the demand or supply for a product does not significantly change in response to price changes.
Excise Tax
Excise tax is a tax on the sale or use of specific products or transactions, often levied to discourage certain behaviors or raise revenue.
Shifted
The movement of a supply or demand curve in a market due to changes in factors such as consumer preferences, production costs, or number of suppliers.
Corporate Income Tax
A tax imposed on the net income of a corporation that is derived from its business activities.
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