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A(n) ________ is an estimated manufacturing overhead rate computed before the year begins.
Incidence
Refers to how the burden of a tax is distributed between buyers and sellers in the market.
Efficiency Loss
The loss of economic efficiency that can occur when the equilibrium for a good or service is not achievable or not achieved.
Excise Tax
A tax charged on specific goods and services, such as tobacco, alcohol, and gasoline, typically imposed at the manufacturing or production level.
Perfectly Elastic
A situation in economics where the quantity demanded or supplied responds infinitely to changes in price.
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