If a price ceiling is not binding, then
A. the equilibrium price is above the price ceiling.
B. the equilibrium price is below the price ceiling.
C. it has no legal enforcement mechanism
D. None of the above is correct because all price ceilings must be binding

Question

If a price ceiling is not binding, then
A. the equilibrium price is above the price ceiling.
B. the equilibrium price is below the price ceiling.
C. it has no legal enforcement mechanism
D. None of the above is correct because all price ceilings must be binding

If a price ceiling is not binding, then

A. the equilibrium price is above the price ceiling.

B. the equilibrium price is below the price ceiling.

C. it has no legal enforcement mechanism

D. None of the above is correct because all price ceilings must be binding

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If a price ceiling is not binding, then A. the equilibrium price is above the price ceiling. B. the equilibrium price is below the price ceiling. C. it has no legal enforcement mechanism D. None of the above is correct because all price ceilings must be binding