If Interest Groups Are Just Run by Elites, Does the "Irony

question 24

Short Answer

If interest groups are just run by elites, does the "irony of democracy" argument hold true for these groups?

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Definitions:

Individual Producer

A single entity or person that creates goods or provides services in an economy.

Market Power

Refers to the ability of a firm or group of firms to manipulate the price and output levels in the market to their advantage.

Supply

The total amount of a specific good or service available to consumers at a given price level.

Input Market

The input market is the marketplace where companies or individuals procure resources, such as raw materials, labor, and services, needed to produce goods or offer services.