Price ceiling
- A legal maximum on the price at which a good can be sold
- Example : Rent Control
Price floor
- A legal minimum on the price at which a good can be sold
- Example : Minimum wage
Tax incidence
- the manner in which the burden of tax is shared among participants in a market
If supply is more price-elastic than demand, greater burden is borne by buyers
If demand is more price-elastic than supply, greater burden is borne by sellers
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