Question: 2) If a price ceiling is lower than the equilibrium market price, then a) The price ceiling is non-binding, and therefore the price is held

2) If a price ceiling is lower than the equilibrium market price, then

a) The price ceiling is non-binding, and therefore the price is held at the price ceiling.

b) The price ceiling is binding, and therefore the price is held at the price ceiling.

c) The price ceiling is non-binding, and therefore the price is the equilibrium market price.

d) The price ceiling is binding, and therefore the price is the equilibrium market price.

e) None of the above.

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