To Be Binding, a Price Ceiling Must Be Set Above

question 115

True/False

To be binding, a price ceiling must be set above the equilibrium price.

---

Definitions:

Unbiased Tutoring Centers

Educational facilities that provide tutoring services without preference or prejudice towards any set of academic beliefs or student backgrounds.

Equilibrium Wage

The salary rate where the volume of labor provided is equal to the volume of labor needed.

Haircut Market

Refers to the market for hair styling and cutting services; often used to exemplify basic economic principles like supply, demand, and market equilibrium in a tangible context.

Labor-Market Discrimination

The unequal treatment of job applicants or workers based on race, gender, age, or other irrelevant characteristics which affects their opportunities and wages.