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6 Cards in this Set
- Front
- Back
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Consumer surplus |
How much above the actual price consumers would be willing to pay for a good |
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Producer surplus |
How much below the actual price producers would be willing to sell for a good |
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Indirect tax |
Tax imposed on the purchase of certain goods |
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Specific tax |
Tax that is fixed amount per unit of good |
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Ad valorem tax |
Tax that is a percentage of the good value |
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Incidence of tax |
Distribution of tax paying between consumer and producer |
