Examlex
Explain how a mercury barometer works.
Equilibrium Price
The charge where the amount of merchandise supplied equals the amount consumers are willing to purchase.
Inelastic Demand
A situation where the demand for a product does not significantly change with a change in price.
Elastic Supply
A situation where the supply of a good changes significantly when its price changes.
Tax Burden
The measure of the impact of taxation on an individual's or entity's income, assets, or purchasing power.
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