Examlex
When firms have high up-front costs, they can recover development costs only if they can price their successful products at monopoly levels.
Excise Tax
A tax levied on specific goods, services, or transactions, often included in the price of the product.
Price Elasticity of Demand
Price elasticity of demand measures how the quantity demanded of a good or service changes in response to a change in its price, indicating its sensitivity to price changes.
Unitary
A property of elasticity where a change in price causes a proportional change in the quantity demanded or supplied, with an elasticity coefficient of 1.
Incidence
Refers to the impact or burden of a tax, how it is distributed among various participants in the market.
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