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TCC Jhoel v My Home Courses 0 Home Page - Tarrant County College CENGAGE I MINDTAP Homework (Ch 06) Back to Assignment Attempts 0.5 a ng.cengage.com Homework (Ch 06) Keep the Highest 0.5 / I MindTap - Cengage Learning Q Search this course A-Z CQ Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback 1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of milk is $3.50 per gallon. Complete the following table by indicating whether each of the statements is an example ofa price ceiling or a price floor and whether it is binding or nonbinding. Statement Price Control The government prohibits grocery stores from selling milk for more than $3.00 per gallon. Due to new regulations, grocery stores that would like to pay better wages in order to hire more workers are prohibited from doing so. The government has instituted a legal minimum price of $3.90 per gallon for milk. Grade It Now Binding or Not Save & Continue Continue without saving