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Unit Elastic
A situation in economics where a change in the price of a product leads to a proportional change in the quantity demanded or supplied, resulting in an elasticity of exactly one.
Tax
A compulsory financial charge or levy imposed by a government on individuals or businesses to fund public expenditures.
State Government
The government of a specific state within a country, which operates under that country's constitution to manage local laws and regulations.
Profit
The financial gain realized when the amount earned from a business activity exceeds the expenses, costs, and taxes.
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