Examlex
How does automation assist with the lean manufacturing philosophy?
Excise Tax
A tax imposed on specific goods and services, such as gasoline, cigarettes, and alcohol.
Upsloping
Describes a line or curve on a graph that moves upward as it progresses from left to right, often used to depict positive relationships between variables.
Supply Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to offer for sale, holding all else constant.
Highly Inelastic
Describes a situation where demand or supply shows little to no response to changes in price, often due to the lack of close substitutes.
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