Examlex
When buying highly technical, few-of-a-kind products such as hydroelectric power plants, governments have found that general contractors are reluctant to specify a formal, fixed price for the procurement. Therefore, these contractors use __________ to compensate them for any cost overruns.
Excise Tax
A tax levied on the sale or consumption of specific goods or services, such as tobacco and alcohol.
Demand Shift
Occurs when there is a change in the quantity demanded at every price level, caused by factors other than the price of the good itself.
Deadweight Loss
The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved, often due to market failure or intervention.
Excise Tax
A charge imposed on the sale or use of particular products or services, including alcohol, tobacco, and fuel.
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