Examlex
The probability of a homosexual orientation is higher among monozygotic twins of adult homosexuals than among their fraternal twins.
Public Good
A good that is non-excludable and non-rivalrous, meaning individuals cannot be effectively excluded from use and where use by one individual does not reduce availability to others.
Majority Vote
A decision rule where the option that receives more than half of the votes wins, commonly used in elections and other decision-making processes.
Market Failure
A situation in which the allocation of goods and services by a free market is not efficient, leading to a potential welfare loss.
Government Failure
A situation where government intervention in the economy causes inefficiencies or leads to a misallocation of resources.
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