Examlex
Thorndike set up experiments in which cats escaped from puzzle boxes. He argued that learning by the cats was not due to insight or understanding, because if it were
Perfectly Inelastic
Describes a situation in which the quantity demanded of a good does not change regardless of changes in its price.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is unachievable.
Tax
A required financial fee or another kind of duty enforced on a taxpayer by government authorities, designed to raise funds for government outlays and a range of public expenses.
Price-Elastic Supply
A situation where the quantity supplied of a good changes significantly as a result of changes in its price.
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