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What is the second step in the decision- making process?
Inefficiencies
Refers to situations where resources are not used in the most effective way, leading to waste or lost potential benefit.
Taxicab Medallions
License plates required for taxicabs that signify they are legally registered to operate; these medallions are often subject to municipal limitations and can be quite valuable.
Price Subsidy
A financial assistance given by the government to lower the price of a product or service to encourage its consumption or production.
Quantity Control
Regulatory measures or policies aimed at limiting the amount of goods produced, supplied, or available in a market.
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