Examlex
An individual's personal beliefs regarding whether a decision, behavior, or action is right or wrong is known as ethics.
Marginal Cost
The additional cost incurred by producing one more unit of a product.
Rent-seeking
It involves seeking to increase one's share of existing wealth without creating new wealth, often through manipulation or exploitation of the economic environment.
Public Choice Theory
An economic theory that applies principles of economics to analyze political behavior and decision-making.
Government Failure
Occurs when the government becomes the tool of the rent seeker and the allocation of resources is made even less efficient by the intervention of government.
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