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Socially Optimal
A situation or outcome that is best from the society's point of view, where social welfare, including benefits and costs, is maximized.
Economic Well-being
A broad measure of the prosperity and quality of life of individuals or societies, encompassing material, social, and environmental dimensions.
Output Decreased
A reduction in the quantity of goods or services produced by a company, industry, or economy.
Tobacco Industry
A sector of the economy encompassing the farming, manufacture, and sale of tobacco and tobacco-related products.
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