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LUXURY TAX: A tax on relatively expensive goods that are typically purchased primarily by the wealthy or affluent. A luxury tax is generally set up as an excise tax on the purchase price of a good over an specific amount. For example, a 10% tax on the purchase price of an automobile over $30,000 would be considered a luxury tax. Goods most likely subject to luxury taxies are (expensive) cars, jewelry, boats, planes, and furs. A luxury tax is, by design, a progressive tax that falls more heavily on those with more income. Like almost every tax, a luxury tax is controversial and debated, favored by those not paying and opposed by those paying.

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AGGREGATE SUPPLY DECREASE, SHORT-RUN AGGREGATE MARKET

A shock to the short-run aggregate market caused by a decrease in aggregate supply, resulting in and illustrated by a leftward shift of the short-run aggregate supply curve. A decrease in aggregate supply in the short-run aggregate market results in an increase in the price level and a decrease in real production. The level of real production resulting from the shock can be greater or less than full-employment real production.

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APLS

BEIGE MUNDORTLE
[What's This?]

Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either a how-to book on home repairs or a large, stuffed kitty cat. Be on the lookout for broken fingernail clippers.
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This isn't me! What am I?

One of the largest markets for gold in the United States is the manufacturing of class rings.
"Recipe for success. Study while others are sleeping; work while others are loafing, prepare while others are playing, and dream while others are wishing."

-- William A. Ward

LRTC
Long Run Total Cost
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