In order for a price ceiling to bind, it a.must be set above the equilibrium price, and
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Question:
In order for a price ceiling to “bind,” it
a.must be set above the equilibrium price, and will likely cause a shortage.
b.must be set below the equilibrium price, and will likely cause a shortage.
c.must be set above the equilibrium price, and will likely cause a surplus.
d.must be set below the equilibrium price, and will likely cause a surplus.
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