Examlex
The form of the external ear is composed of:
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, achieving market equilibrium.
Excise Tax
A tax levied on specific goods, services, or transactions, often included directly in the price of the product like gasoline, alcohol, and tobacco.
Gasoline
A liquid fuel derived from petroleum, used primarily in internal combustion engines.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.
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