Examlex
Simplify by first removing the parentheses and then combining the like terms.
Consumer Surplus
The gap between what consumers are prepared and can afford to pay for a product or service versus what they end up paying.
Deadweight Loss
The loss of economic efficiency when the equilibrium outcome is not achievable or not achieved in a market.
Sales Tax
A tax imposed by a government on sales of goods and services, typically calculated as a percentage of the sale price.
Deadweight Loss
An economic inefficiency that occurs when a market does not reach equilibrium, leading to a loss of total social welfare.
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