If a price ceiling of $2 per gallon is imposed on gasoline, and the market equilibrium price is $1.50, then the price ceiling is a binding constraint on the market.
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Q17: If a price ceiling is not binding,
Q18: Minimum-wage laws dictate the lowest wage that
Q19: When a free market for a good
Q20: A price ceiling set above the equilibrium
Q21: A price ceiling set above the equilibrium
Q23: Economists argue that rent control is a
Q24: A price ceiling set below the equilibrium
Q25: A binding price ceiling causes quantity demanded
Q26: Long lines and discrimination are examples of
Q27: A binding price ceiling causes a shortage
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