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3 Cards in this Set
- Front
- Back
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Allocative Efficiency (Pareto Efficiency) |
When no possibe trade or reallocation of goods and inputs will make some people better off without making others worse off. |
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Capture Hypothesis |
Postulates that regulatory agencies tend to be "captured" by the industry they regulate and act in the industry's behalf rather than the consumers'. |
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Consumer Surplus |
Measures the excess of a good's total value over what was paid for the good. |
