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Discuss James Madison's views on factions,as expressed in Federalist No.10,and how he would respond to the tremendous growth in the number of interest groups actively lobbying in Washington,D.C.,over the past several decades.
Opportunity Cost
The expense incurred by not selecting the second-best option when deciding among various choices.
Willingness to Pay
The maximum amount an individual is prepared to expend on a good or service to procure it.
Producer Surplus
The difference between the amount producers are willing to sell a good for and the amount they actually receive.
Tax Revenue
The tax revenue that governments obtain.
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