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Figure 3-6
-In Figure 3-6,suppose D₁ and S₁ indicate initial conditions in the market for ice cream.Which of the following changes would tend to cause a shift from S₁ to S₂ in the market for ice cream?
Government Income Transfers
Payments made by the government to individuals without the requirement of an exchange of goods or services, such as welfare benefits or social security.
Representative Democracy
A form of government in which citizens vote for representatives who then make policy decisions on their behalf.
Rent-seeking Activities
Economic actions taken by individuals or groups to earn income by capturing wealth through manipulation or exploitation of the political environment, rather than through productive economic activities.
Political Process
The mechanism through which public decisions are made, encompassing election campaigns, legislative procedures, and public policy formulation.
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