Examlex
The branch of philosophy that deals with what is considered to be right and wrong is called ________.
Profit-maximizing Number
The output level at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.
Rent Seeker
An individual or entity that seeks to increase their share of existing wealth without creating new wealth, often through manipulation of the economic environment.
Public Choice Theory
A framework that analyzes how public decisions are made, focusing on the behavior and interests of voters, politicians, and bureaucrats.
Excess Burden
The cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium, often due to taxes or monopolies.
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