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Deadweight Loss
It represents the loss of economic efficiency when the equilibrium for a good or a service is not achieved or is not achievable.
Excise Tax
A tax directly levied on certain goods, services, or activities, such as tobacco, alcohol, or fuel, usually to discourage their use or generate revenue.
Short Run
A period during which at least one input (e.g., plant size, technology) is fixed, and firms can adjust only the variable inputs (e.g., labor).
Excise Tax
A tax imposed on specific goods, services, or activities, often included in the price of items like gasoline, alcohol, and tobacco.
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