A real-life,long-run example of a binding price ceiling is
A) a minimum wage law.
B) rent control.
C) a price gouging law.
D) a black market price.
E) a ration price.

Question

Quizplus · Accepted Answer

Rent control is a real-life example of a binding price ceiling. It is a government regulation that restricts how much landlords can charge for rent, often leading to a shortage of housing and a decline in quality due to the lack of incentives for landlords to maintain their properties.

A Real-Life,long-Run Example of a Binding Price Ceiling Is