Examlex
Anthropologist Laura Bohannan discovered in her attempt to translate a classic text from English literature that:
Relatively Inelastic
Describes a demand characteristic where a change in price leads to a smaller proportionate change in quantity demanded.
Excise Tax
A tax levied on specific goods, services, or transactions, often imposed on items such as alcohol, tobacco, and gasoline.
Price-Elastic Demand
The characteristic of demand for a good indicating that a change in price results in a relatively larger change in the quantity demanded.
Excise Tax
A tax on the sale or use of specific products or transactions, typically integrated directly into the cost of the good.
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