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Efficiency Loss
The decrease in economic efficiency that occurs when market conditions prevent the optimal allocation of resources, often caused by market failures or interventions.
Tax
A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.
Marginal Benefit
The extra utility or satisfaction gained from the utilization or creation of one more unit of a product or service.
Marginal Cost
The increase in total cost that arises from producing one additional unit of a product or service, reflecting changes in variable costs.
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