Examlex
Petrified wood is an example of a fossil formed by ________.
Inelastic
Describing a situation where the demand or supply for a product does not significantly change in response to a change in price.
Excise Tax
A tax levied on specific goods, services, or transactions, often with the aim of reducing their consumption.
Producer Surplus
The distinction between the acceptable selling price for producers of a good or service and the actual price achieved.
Equilibrium
The state in which market supply and demand balance each other, and as a result, prices become stable.
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