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Determine the degree of the given polynomial. 3 xy + 7 y
Efficient Taxation
A taxation system designed to minimize the economic costs or distortions that it imposes on society, while achieving desired revenue and distributional effects.
Excess Burden
The cost to society created by market inefficiency, typically due to taxes or government policies that distort resource allocation.
Progressive
Relating to progressive policies or movements that advocate for change, reform, and innovation, often in the social, political, or economic sphere.
Elastic Demand
refers to a situation where the quantity demanded of a good or service is highly responsive to changes in its price.
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