1. Is an excise tax similar to a price floor or a price ceiling? What is the point of an excise tax? Why does the government implement this into the economy?
2. How does the law of demand differ from the law of supply?
3. Explain how the concept of opportunity cost relates to supply models.
4. Let's say an excise tax is implemented. Explain how and why this will affect the per unit value but also the per market value.