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Match the term with the definition.
-1854 law that divided Indian Territory into Kansas and Nebraska, repealed the Missouri Compromise, and left the new territories to decide the issue of slavery on the basis of popular sovereignty. The measure led to bloody fighting in Kansas.
Economic Efficiency
An economic state where every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.
Deadweight Losses
Losses in total surplus that occur when a market is not in competitive equilibrium, often due to taxes or subsidies.
Economic Efficiency
A situation where all resources are allocated in a way that maximizes the total benefit to society or minimizes waste.
External Cost
A cost that a transaction or activity imposes on a party who is not involved in the transaction, often not reflected in market prices.
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