Examlex
In 1989,the Webster case upheld some state restrictions on abortion.
Corrective Tax
A tax designed to encourage private decision makers to take into account the social costs that arise from a negative externality.
Allocative Efficiency
A state where resources are allocated in a way that maximizes the net benefit to society, with products being produced at a quantity where the price equals marginal cost.
Consumer Surplus
The contrast between the total payment consumers are willing and financially able to make for a good or service and the amount they truly pay.
Producer Surplus
The discrepancy between the price producers agree to sell a good for and the price they actually end up receiving.
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