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Consumer Surplus
The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.
Tax
A mandatory monetary contribution or different sort of tax levied on a taxpayer by a government entity to finance government expenditure and assorted public costs.
Deadweight Loss
The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is distorted.
Equilibrium
An economic situation in which no individual would be better off doing something different.
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