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In Order to Be Binding, a Price Ceiling

Question 129

Multiple Choice
In order to be binding, a price ceiling A)must lie above the free market equilibrium price. B)must lie below the free market equilibrium price. C)must coincide with the free market equilibrium price. D)must be high enough for firms to earn a profit.

In order to be binding, a price ceiling


A) must lie above the free market equilibrium price.
B) must lie below the free market equilibrium price.
C) must coincide with the free market equilibrium price.
D) must be high enough for firms to earn a profit.

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