When Alec Picked Up the Candy Bar,he Automatically Looked to See

question 128

True/False

When Alec picked up the candy bar,he automatically looked to see its fat content.The information that Alec looked for was contained in a nutritional label.

---

Definitions:

Inelastic

Describes demand or supply that is relatively unresponsive to price changes, meaning quantity demanded or supplied changes little when price changes.

Unitary Elasticity

A situation where a one percent change in the price of a product results in a one percent change in the quantity demanded.

Federal Excise Tax

A tax imposed by the federal government on the sale of specific goods and services, such as gasoline, cigarettes, and alcohol.

Tax Revenue

Income that the government receives from taxation of individuals and businesses.