Textbook ExpertVerified Tutor
17 Nov 2021
Introduction
An excise or excise tax (sometimes called an excise duty) is a type of tax charged on goods produced within the country (as opposed to custom duties, charged on goods from outside the country). It is a tax on production of sale of goods.
Perfectly inelastic supply is a situation where there is no change in quantity supplied with the change in price.
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