Examlex
Community courts are decentralized courts that respond directly to community concerns rather than wait for serious crimes to be committed.
Specialized Inputs
Resources or materials that are tailored for specific tasks or industries, enhancing the efficiency and quality of production.
Rent-Seeking Behavior
Activities by individuals or firms aimed at securing economic gain without contributing to productivity, typically through political lobbying for favorable regulations or monopolistic advantages.
X-Inefficiency
The difference between efficient production levels and actual production due to mismanagement, lack of competitive pressure, or other organizational inefficiencies.
Pure Competition
A market structure characterized by an extremely large number of sellers and buyers where no single participant has the market power to influence product prices.
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