Examlex
Discuss the New York Draft Riots.
Excise Tax
A tax levied on specific goods, services, or transactions, often based on quantity purchased rather than value, such as taxes on cigarettes, alcohol, and fuel.
Excise Tax
A tax imposed on specific goods or services at purchase such as gasoline, tobacco, and alcohol.
Highly Inelastic
Describes a situation where the demand or supply for a good or service is hardly affected when the price changes.
Highly Elastic
Describes a situation where the demand or supply of a product changes significantly in response to changes in price.
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