Examlex
The Federal excise tax on cigarettes is an example of a proportional tax.
Relatively Elastic
Refers to a scenario in which the demand or supply for a product or service greatly alters due to variations in its price.
Marginal Revenue
The extra revenue produced by the sale of an additional unit of a product or service.
Relatively Elastic
A characteristic of a good or service with a demand that is sensitive to changes in price, meaning that small changes in price lead to larger changes in quantity demanded.
Marginal Revenue
The surplus earnings obtained from the sale of one extra unit of a product or service.
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