When a binding price ceiling is imposed on a market to benefit buyers,

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A binding price ceiling creates a situation where the market price cannot exceed a certain level. This means that some buyers may be able to purchase the good at the lower price, but there will be more demand than supply, and not every buyer will be able to purchase the good. This can lead to shortages, long waiting times, and other inefficiencies in the market. Overall, while the price ceiling may be intended to benefit buyers, it can have unintended consequences that harm both buyers and sellers.

When a Binding Price Ceiling Is Imposed on a Market