Examlex
If one person uses a good and thereby diminishes the use of the good by others, the good is rival.
Binding Price Ceiling
A government-imposed limit on the price of a commodity or service that is set below the market equilibrium price, causing a shortage.
Binding Price Floor
A government-imposed price control set above the equilibrium price, causing a surplus by forcing the price to be higher than what the market would naturally set.
Deadweight Loss
A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable, typically resulting from taxes or price controls.
Rent Ceiling
A form of price control where a maximum limit is placed on the rent that can be charged for housing.
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