Examlex
When the price elasticity of demand is ________, demand for the good is perfectly inelastic.
Ability-To-Pay Principle
The idea that those who have greater income (or wealth) should pay a greater proportion of it as taxes than those who have less income (or wealth).
Marginal Cost
the additional cost incurred to produce one more unit of a good or service.
Marginal Benefit
The added joy or utility one achieves by consuming an additional unit of a product or service.
Cost-Benefit Analysis
is a systematic approach to estimating the strengths and weaknesses of alternatives, used to determine the best option through weighing the cost against benefits.
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