Examlex
A tax is efficient if it imposes a small excess burden relative to the tax revenue it raises.
Profit-maximizing
A business strategy or operational mode where the primary goal is to achieve the maximum possible profits.
Total Profits
The sum total of income generated by a business after subtracting all costs and expenses.
Purely Competitive
A market structure characterized by many sellers offering identical products to many buyers, with no single seller or buyer able to influence the market price.
Profit-maximizing
A strategic approach aimed at increasing a firm's profits to the highest possible level given its production costs and market conditions.
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