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The long term significance of the military expedition under the command of Robert Clive in 1756-1757 was
Antitrust Laws
Legislation enacted to prevent monopolies and promote competition among businesses, ensuring fair market practices and consumer protection.
Deadweight Loss
Deadweight loss refers to a loss in economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Marginal Cost
The cost of producing one additional unit of a product or service, reflecting the change in total cost that arises from an increase in production.
Socially Efficient
The optimal allocation of resources that occurs when the social welfare is maximized, accounting for all costs and benefits to society.
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