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Elastic Supply
Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.
Inelastic Demand
A market situation where the demand for a product does not significantly change in response to price changes.
Inelastic Supply
A scenario in which the amount of a product or service provided is not significantly affected by variations in its price.
Luxury Tax
A tax imposed on expensive goods which are considered non-essential, aimed at discouraging their purchase or generating government revenue from luxury items.
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