Examlex
A different result may occur from simple-majority voting together with equal tax shares compared to the result with simple-majority voting with unequal tax shares.
Perfect Competition
A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-takers.
Marginal Revenue Product
The extra revenue generated from employing one additional unit of a resource.
Marginal Cost
The additional cost incurred by producing one more unit of a product, which can vary depending on the level of production.
Pareto Efficient
A distribution of resources where improving the situation of one person cannot be achieved without detriment to another.
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