Business, 20.10.2020 21:01 IntellTanito

Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon. 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 nonbinding.
Statement Price Control Binding or Not
The government prohibits gas stations from selling gasoline for more than $2.50 per gallon.
The government has instituted a legal minimum price of $3.40 per gallon for gasoline.
There are many teenagers who would like to work at gas stations, but they are not hired due to minimum-wage laws.

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