(Figure: Understanding Price Ceilings and Floors) In the graph, a maximum price of $25 would allow for a binding price ceiling. 
Definitions:
Cognitive Development
The process by which individuals perceive, think, and gain understanding of their world through the interaction and influence of genetic and learned factors.
Psychologists
Professionals who study cognitive, emotional, and social processes and behavior by observing, interpreting, and recording how individuals relate to one another and their environments.
Jean Piaget
A Swiss psychologist known for his pioneering work in the field of developmental psychology, particularly for his theory of cognitive development in children.
Erik Erikson
A developmental psychologist known for his theory on the psychosocial development of human beings, which outlines eight stages from infancy to adulthood.
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