Examlex
If demand is extremely elastic, it is likely that _____ will bear most of the burden of a tax and that the deadweight loss will be relatively _____.
Productive Efficiency
A situation in which a good or service is produced at the lowest possible cost.
Monopolistic Producer
A single producer that has control over the market for a product or service, often characterized by a lack of close substitutes.
Competitive Firm
A company that operates in a market with many competitors, where prices are determined by supply and demand.
Unit Cost
The expenditure associated with creating, storing, and selling a single unit of a particular product or service by a business.
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