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To what extent are interest groups effective at influencing political outcomes?
Scale Economies
Cost advantages that a business can achieve due to expansion in the scale of production, leading to a reduction in average costs.
Patents
Legal documents granting an inventor exclusive rights to manufacture, use, or sell an invention for a certain number of years.
Cournot Model
Oligopoly model in which firms produce a homogeneous good, each firm treats the output of its competitors as fixed, and all firms decide simultaneously how much to produce.
Output
Represents the quantity of goods or services produced within a given period by a firm, industry, or economy.
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