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Quantity Tax
A tax that is levied on a specific amount or quantity of a good or service, rather than on its value.
Lost Revenue
Revenue that was expected but not received, often due to unforeseen circumstances or decisions leading to missed opportunities.
Long-Run Cost Curve
A graphical representation showing the minimum cost at which any given level of output can be produced in the long run, where all inputs are variable.
Industry Supply Curve
A graphical representation showing the quantities of a product that firms across an industry are willing to supply at different price levels.
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