Understanding Wattage, Speaker Efficiency, and Amplifier "Loudness"

There seems to be some confusion when it comes to how "loud" an amplifier can get. When it comes to "volume," many musicians only consider the amplifier's power or wattage rating, and in general, more watts does mean "louder." But while wattage is an important consideration, the efficiency of the speaker(s) that are connected to the amplifier are also an important factor in the loudness equation.
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