Examlex
Environmental air temperature can fluctuate many degrees during the course of a day. A human's body temperature
Voting Cycles
Repeated patterns of preference changes among voters or decision-makers, leading to inconsistencies in collective decisions.
Pure Private Good
A type of good that is both excludable and rival in consumption, meaning access to the good can be limited, and one person's use of the good diminishes its availability for others.
Pure Public Good
A pure public good is characterized by non-excludability and non-rivalry, meaning one person's consumption does not reduce availability for others and no one can be prevented from consuming it.
Single Peaked
Refers to a preference or utility pattern where an individual's satisfaction increases up to a certain point, after which it starts to decrease, creating a peak at the optimum point.
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