Question: 1. For a price ceiling to be a binding constraint on the market, the government must set it a. above the equilibrium price. b. below

1. For a price ceiling to be a binding constraint on the market, the government must set it

a. above the equilibrium price.

b. below the equilibrium price.

c. precisely at the equilibrium price.

d. at any price because all price ceilings are binding constraints.

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