Question

A binding price ceiling is a mandated _____.(1 point)
Responses

minimum price below the market equilibrium price
minimum price below the market equilibrium price

maximum price below the market equilibrium price
maximum price below the market equilibrium price

maximum price above the market equilibrium price
maximum price above the market equilibrium price

minimum price above the market equilibrium price

Answer 1

A binding price ceiling is a mandated **maximum price below the market equilibrium price**.