Examlex
______ are things a person in a society is allowed to do without any permission required from an authority.
Consumer Surplus
The disparity between what consumers are prepared and able to spend for a product or service and the actual amount they end up paying.
Property Tax
A tax assessed on real estate by the local government, based on the property's value.
Elastic
Refers to the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.
Excess Burden
The cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium.
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