Examlex
Suppose that M is fixed but that P falls.According to the quantity equation which of the following could both by themselves explain the decrease in P?
Tax Revenue
The income that is gained by governments through taxation, forming a significant part of their funding for public expenditures.
Elastic Demand
A situation where the quantity demanded of a good or service changes significantly in response to price changes.
Inelastic Supply
A supply condition where quantity supplied does not change significantly when there is a change in price.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable, leading to a reduction in total surplus.
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