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In this example, what is your surprise at the automatic shutdown?
Tax
A required financial fee or another kind of duty enforced on a taxpayer by government authorities, designed to raise funds for government outlays and a range of public expenses.
Price-Elastic Supply
A situation where the quantity supplied of a good changes significantly as a result of changes in its price.
Excise Tax
A tax imposed on specific goods, services, or transactions, often included in the price of products like tobacco, alcohol, and fuel, to generate revenue or discourage consumption.
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.
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