MOST of the papers in this volume* implicitly or explicitly assume that rent-seeking activity discounts the entire rent to be derived. Unfortunately, this is not necessarily true; the reality is much more complicated. The problem here is that the average cost and marginal cost are not necessarily identical.


Marginal Cost Average Cost Cost Curve Supply Curve Lottery Ticket 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Gordon Tullock

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