Examlex
Fill in the blank with one of the words or phrases listed below.
-In the equation , variesـــــــــــ as and .
Tax Burden
The total amount of tax that individuals or businesses must pay to governmental authorities.
Inelastic
A characteristic of demand or supply where the quantity demanded or supplied changes by a smaller percentage than the changes in price.
Elastic
In economic terms, the sensitivity of demand for a product relative to changes in price; high elasticity indicates that demand changes significantly with price.
Economic Thinking
The application of economic principles and concepts in analyzing and understanding decision-making, policy implications, and the allocation of resources.
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