Examlex
Which costs are relevant for making decisions that affect the short-term? The long-term? Why?
Efficiency Loss
Reductions in combined consumer and producer surplus caused by an underallocation or overallocation of resources to the production of a good or service. Also called deadweight loss.
Perfectly Inelastic
A situation where the demand or supply for a good or service remains unchanged regardless of changes in its price.
Excise Tax
Is a tax applied on the sale or production for sale of specific goods within a country.
Incidence
Refers to how the burden of a tax is distributed between buyers and sellers in the market.
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