What Are the Similarities and Differences Between Iron Triangles and Policy

question 10

Essay

What are the similarities and differences between iron triangles and policy networks? Which idea provides a clearer conceptualization and description of agenda setters and policy influencers in the real world, and why?

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Definitions:

ATC

Average Total Cost, the total cost of production divided by the quantity of output produced.

Economic Profits

The surplus that remains after all operational costs, including opportunity costs, are subtracted from total revenues.

Economic Profits

Economic Profits represent the surplus after subtracting both the explicit and implicit costs from total revenue, depicting a firm's advantage beyond the normal returns.

Normal Rate

Typically refers to an average or commonly occurring value within a specific context, such as an interest rate or growth rate.