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

Question

Responses

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

minimum price above the market equilibrium price
minimum price above the market equilibrium price

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

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

Answer 1

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