Examlex
How can incumbents legally erect entry barriers around novel and non-obvious products or production processes?
Unregulated Market
A market where the government does not impose price controls, quotas, or other restrictions on the forces of supply and demand.
Deadweight Loss
The diminished economic effectiveness arising from a failure to achieve or the inability to achieve equilibrium for a product or service.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.
Producer Surplus
Producer surplus is the difference between what producers are willing to accept for a good versus what they actually receive, typically due to market price.
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