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14 . The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $1.50 per litre. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or not binding. Statement Price Control Binding or Not The government prohibits gas stations from selling gasoline for more than $1.25 per litre. The government has instituted a legal minimum price of $1.25 per litre for gasoline. Price ceiling Due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from doing so. Price floor14 . The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $1.50 per litre. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price oor and whether it is binding or not binding. Statement Price Control Binding or Not The government prohibits gas stations from selling gasoline for more than $1.25 per litre. V i I The government has instituted a legal minimum price of $1.25 per litre for gasoline. V more workers are prohibited from doing so. Not binding Binding Due to new regulations, gas stations that would like to pay better wages in order to hire V