Examlex
When does subsequent failure arise?
Incidence
Refers to the allocation or distribution of the economic impact of a particular tax among various parties.
Buyer
An individual or entity that purchases goods or services for personal use, resale, or production.
Efficiency Loss
The reduction in economic efficiency that occurs typically due to market distortions such as taxes, subsidies, tariffs, or monopolies, leading to an allocation that is not welfare-optimal.
Excise Tax
A tax on the manufacturing, sale, or consumption of a particular good or service within a country.
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