Examlex
Price is the rationing mechanism in a free, competitive market.
Inelastic
Describing demand that does not change significantly when the price of a good or service changes.
Excess Burden
The cost to society created by market inefficiency, particularly through the misallocation of resources or distortions in the market.
Excess Burden
The cost to society created by market inefficiency, often associated with the distortionary effects of taxes and subsidies.
Tax Revenue
The income that is gained by governments through taxation, used to fund public services and government obligations.
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