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To say that a price ceiling is nonbinding is to say that the price ceiling a. results in a surplus. b. is set above the equilibrium price. c. is set below the equilibrium price. d. causes quantity demanded to exceed quantity supplied.

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ewomazinoade ewomazinoade

Today at 8:40 AM

Price ceiling is nonbinding when price is set above the equilibrium price.

What is price ceiling?

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price. When it is set above equilibrium price, it is nonbinding. When price is nonbinding, it is not effective.

To learn more about a price ceiling, please check: brainly.com/question/24312330

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