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question 121

Multiple Choice

Graph.
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Definitions:

Excise Tax

A tax levied on the sale or consumption of specific goods or services, such as alcohol, tobacco, and gasoline.

Taxable Income

The amount of an individual's or corporation's income used to determine how much tax is owed to the government.

Progressive Income-tax

A tax system where the tax rate increases as the taxable amount increases, typically imposing higher taxes on higher income earners.

Price Elasticity

A measure of how sensitive the demand or supply of a product is to changes in price, indicating how quantities demanded or supplied respond to price changes.