A _____ Market Is One in Which a Product or Service

question 69

Short Answer

A _____ market is one in which a product or service is sold only within the borders of that country.

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Definitions:

Inelastic Demand

A market condition where the demand for a product does not change significantly when its price changes.

Elastic Supply

Describes a situation where the quantity supplied of a good changes significantly when its price changes.

Tax Burden

The measure of the financial charge or impact of taxes on an individual or a corporation.

Excise Tax

A tax on specific goods or services, such as tobacco, alcohol, and gasoline, designed to raise revenue and/or discourage consumption of certain products.