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

Question

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When a binding price ceiling is imposed on a market, the price of the good or service cannot exceed a certain level. This benefits some buyers who are able to purchase the good at a lower price. However, it also creates a shortage of the good, leading to rationing or queuing, which harms other buyers who are unable to purchase the good at all, or at the desired quantity. Therefore, while some buyers benefit, others are harmed.

When a Binding Price Ceiling Is Imposed on a Market