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Steve Black has two children.He is buying each of them their own TV to put in their rooms so they do not have to join the rest of the family and watch TV together.Which one of the answers best explains Gary's spending?
Demand Elasticities
Measures the responsiveness of demand for a good or service to changes in its price or other factors.
Tax Incidence
The analysis of the effect of a particular tax on the distribution of economic welfare.
Specific Excise Taxes
Taxes imposed on a particular good or service, charged by quantity rather than value, such as per gallon or per pack.
Consumer Goods
Products that are sold directly to consumers for their personal or household use.
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