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Define a binding price ceiling.

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Sonia Dhawan
Sonia DhawanLv10
9 Oct 2020
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Related questions

A shortage results when 
 
a. a nonbinding price ceiling is removed from the market. 
b. a binding price ceiling is removed from a market. 
c. a nonbinding price ceiling is imposed on a market. 
d. a binding price ceiling is imposed on a market.

Do all buyers benefit from a binding price ceiling?

a. Yes, A binding price ceiling benefits all buyers because it allows them to obtain the good in the legal market.

b. No, A binding price ceiling benefits only some buyers because not all are able to obtain the good in the legal market.

c. No, A binding price ceiling benefits no buyers because sellers are unwilling to sell any of their products.

d. No, A binding price ceiling benefits only some buyers because, although the price is initially lower, it eventually increases to the equilibrium price.

e. No, A binding price ceiling benefits no buyers because they are unwilling to buy any of the products at a price higher than the equilibrium.

6. Which of the following is true about binding price ceilings? (a) A binding price ceiling makes all producers worse off, makes some consumers worse off, and makes some consumers better off. (b) A binding price ceiling makes all consumers and producers better off. (c) A binding price ceiling makes all consumers worse off and all producers better off. (d) A binding price ceiling makes all consumers worse off, makes some producers worse off, and makes some producers better off.

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