(Figure: Understanding Price Ceilings and Floors) In the graph, if the government sets a maximum price of $25, this is an example of a(n)

Name: (Figure: Understanding Price Ceilings and Floors) In the graph, if the government sets a maximum price of $25, this is an example of a(n)
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When the government sets a maximum price of $25, it creates a binding price ceiling as it is below the equilibrium price and will lead to a shortage of the product as the quantity demanded will exceed the quantity supplied.

(Figure: Understanding Price Ceilings and Floors) in the Graph, If