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The state of Florida is considering putting an excise tax on either good X or good Y. An economist discovers the supply of good X is more elastic than the supply of good Y, while the demand elasticities are identical. Which good should Florida tax in order to minimize the deadweight loss of the tax?
Conservation
The understanding that certain properties of an object or substance remain the same even when its appearance changes, a concept grasped during the concrete operational stage in Piaget's theory of cognitive development.
Mass
A measure of the amount of matter in an object, fundamental in physics and chemistry for understanding the properties of substances.
Volume
The amount of space that a substance or object occupies, or that is enclosed within a container.
Cognitive Development
The process of growth and change in intellectual/mental abilities such as thinking, reasoning, and understanding over the course of a person's life.
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