Examlex
Explain the difference between independent and dependent demand and illustrate your explanation with an example.
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.
Social Cost
The total cost to society as a result of an action or activity, including both private costs incurred by individuals and external costs affecting others.
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