Figure 6-15
-Refer to Figure 6-15.For a price ceiling to be binding in this market,it would have to be set at

Name: Figure 6-15 -Refer to Figure 6-15.For a price ceiling to be binding in this market,it would have to be set at
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Question

Figure 6-15 
-Refer to Figure 6-15.For a price ceiling to be binding in this market,it would have to be set at

Quizplus · Accepted Answer

A price ceiling is binding when it is set below the equilibrium price. In this case, the equilibrium price is $3, so a price ceiling would have to be set below $3 to be binding.

Figure 6-15 -Refer to Figure 6-15.For a Price Ceiling to Be Binding