Examlex
Ballot initiatives are one way to reduce discrepancies between government policy and public opinion on an issue.
Consumer Surplus
The discrepancy between the amount consumers are prepared to pay for a product or service and the amount they end up paying.
Demand Curve
A graphical representation of the relationship between the price of a good and the quantity demanded, typically downward sloping, indicating an inverse relationship.
Marginal Cost
The cost of producing one more unit of a good or service, considering variable costs but not fixed costs.
Block Pricing
Practice of charging different prices for different quantities or “blocks” of a good.
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Q114: Grassroots lobbying campaigns have become so ineffective