Examlex
The following is a nonbonding procedure that involves an independent third party:
Rationing Function
The process by which the market system allocates goods and services to consumers when supply is limited.
Competitive Market
A market structure characterized by a large number of sellers and buyers, where no single entity can control prices or influence the market significantly.
Ceiling Price
A ceiling price is a government-imposed limit on how high a price of a good or service can be charged in the market, typically set below the equilibrium price to make goods more affordable.
Competitive Market
A market situation where numerous sellers and buyers exist, and where each has a negligible impact on the market price.
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