Examlex
Tax
An obligatory fiscal charge or another form of assessment applied to a taxpayer by a government body to finance government operations and diverse public expenses.
Deadweight Loss
Deadweight loss is an economic inefficiency that arises when a market outcome is not optimal, resulting in a loss of total surplus due to factors like taxes or monopolies.
Supply
The total amount of a product or service that is available for purchase at any given time.
Elastic
Describing a situation in economics where the demand or supply for a good or service significantly changes in response to changes in price.
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