Examlex
The trade-off between the production of one good and the production of another good can change over time because of technological advances.
Elastic Demand
A situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
Tax Placed
The imposition of a financial charge or levy on an individual or a corporation by a government.
Deadweight Loss
A decline in economic efficiency resulting from the failure to achieve free market equilibrium for a good or service.
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