Examlex
A gate in an irrigation canal is constructed in the form of a trapezoid wide at the bottom, wide at the top, and high. It is placed vertically in the canal, with the water extending to its top. Find the hydrostatic force on one side of the gate.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource, usually intended to protect consumers from prices deemed excessively high.
External Benefits
Benefits derived from a product or service that affect parties who did not choose to incur that benefit.
Efficient Level
The optimal point of operation where resources are used in such a way that maximizes productivity and minimizes waste.
Negative Externality
A cost that is suffered by a third party due to an economic transaction, where the cost is not reflected in the transaction's final price.
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