Suppose the U.S. government imposes a maximum price of $5 per gallon o
Suppose the U.S. government imposes a maximum price of $5 per gallon of gasoline, and the current equilibrium price is $3.50 per gallon. This policy represents a:
A) binding price floor.
B) non-binding price floor.
C) binding price ceiling.
D) non-binding price ceiling.
ANSWER
D
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