Examlex
How have rational choice theory and Von Hirsch's concept of just desert impacted public policy?
Economic Efficiency
A situation in which all resources in an economy are optimally distributed to serve each individual or entity in the best way while minimizing waste and inefficiency.
Competitive Market
A competitive market is a market structure characterized by a large number of buyers and sellers, where no single entity has the power to influence market prices significantly.
Free-rider Problem
A situation where individuals benefit from resources, goods, or services that they do not pay for, which can lead to underproduction or depletion of those resources.
Rivalry
The competitive relationship between firms in the market, striving to gain advantage over each other in terms of sales, market share, or innovation.
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