Examlex
In the diagram below,the external cost savings from producing at the socially optimal quantity rather than at the private equilibrium can be represented as:
Supreme Court
The highest judicial body in a country or state, which has the ultimate authority to interpret laws, including the constitution, and to decide legal disputes.
Social Darwinism
A theory that applies the concept of "survival of the fittest" from biological evolution to social and economic competition, often used to justify social inequalities.
Herbert Spencer
A 19th-century English philosopher and sociologist known for applying the theory of natural selection to society, coining the phrase "survival of the fittest."
Henry Demarest Lloyd
An American progressive political activist and a critic of corporate power and monopoly, best known for his works on the Standard Oil Company.
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