Resiliency Is an Inborn Trait and Not Something That Can

question 40

True/False

Resiliency is an inborn trait and not something that can be developed later in life.

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Definitions:

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.

Efficiency Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achievable or not achieved.