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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.
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'.
Consumer Surplus
Measures the excess of a good's total value over what was paid for the good.
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