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Efficiency Loss
The loss of economic efficiency that can occur when the equilibrium for a good or a service is not achieved or is not achievable.
Demand and Supply
The fundamental concepts of economics that demonstrate how the quantity of goods or services demanded by consumers relates to the quantity supplied by producers at various prices.
Inelastic
Describing a situation where the demand or supply for a product does not significantly change in response to price changes.
Excise Tax
Excise tax is a tax on the sale or use of specific products or transactions, often levied to discourage certain behaviors or raise revenue.
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