Examlex
How would the market for smartphones be affected if the government charged an excise tax of $5.00 on each smartphone sold?
Price Floor
A price floor is a government-imposed minimum price charged for a product, aimed at preventing prices from dropping too low.
Binding Price Floors
Government-imposed price minimums that are set above the equilibrium price, causing surpluses in the market.
Binding Price Ceilings
Government-imposed price limits that are set below the market equilibrium price, leading to shortages.
Market Efficiency
A condition in which market prices fully reflect all available information and assets are priced accordingly.
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