Homework Answers
Answer D. A government imposed price of $15 would be a binding price ceiling if market demand is either Demand A or Demand B.
For a price ceiling to be binding only if the price ceiling is less than that of the equilibrium price. For both Demand A and Demand B equilibrium is $6 and $12 respectively. A $15 price Ceiling is not binding for any of the case and thus the statement is incorrect.
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