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The theory of the median voter may not work if:
I. voters do not vote.
II. voters do not vote for the policy closest to their own positions.
III. there is only a single dimension over which the voting occurs.
Trusts
Legal entities where assets are managed by one party for the benefit of another.
Social Regulation
The imposition of rules and standards by government aimed at improving or protecting societal welfare, covering areas like environment, health, and safety.
Allocative Efficiency
A state of resource allocation where it is impossible to make any one individual better off without making at least one individual worse off.
Antitrust Laws
Regulations designed to promote competition and prevent monopolies by prohibiting business practices that restrict or control market competition.
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