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Agricultural Price Supports
Government interventions to stabilize or increase agricultural commodity prices through various mechanisms such as subsidies or purchase commitments.
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.
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