If the demand for a product is perfectly inelastic and the supply curve is upsloping, a $1 excise tax per unit of output will

A) raise the price by less than $1.
B) raise the price by more than $1.
C) raise the price by $1.
D) lower the price by $1.

Perfectly Inelastic

A situation in which the quantity demanded or supplied does not change regardless of the price changes.

Excise Tax

A tax imposed on specific goods and services, such as gasoline, cigarettes, and alcohol.

Upsloping

Describes a line or curve on a graph that moves upward as it progresses from left to right, often used to depict positive relationships between variables.