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Deadweight Loss
A loss in total economic welfare that occurs when the free market equilibrium for a good or a service is not achieved, typically due to taxes, subsidies, or market controls.
Elastic Supply
The condition where the quantity supplied of a good or service changes significantly in response to a change in price.
Elastic Demand
A situation where the demand for a product is sensitive to price changes.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved, resulting in a mismatch between supply and demand.
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