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Figure 6-1 Graph (a) Graph (b) Supply Supply Price Ceiling PRICE PRICE Price Ceiling Demand Demand QUANTITY QUANTITY Refer to Figure 6-1. A binding price ceiling is shown in O a. neither graph (a) nor graph (b) O b. both graph (a) and graph (b). O C. graph (b) only. O d. graph (a) only.QUESTION 24 Consider the U.S. market for chocolate, a market in which the government has imposed a nonbinding price ceiling. Which of the following events could convert the price ceiling from a nonbinding to a binding price ceiling? O a. A government study that shows that consuming chocolate increases the incidence of cancer. O b. South American cocoa bean producers refuse to ship to chocolate producers in the United States. c. A large increase in the size of the cocoa bean crop; cocoa beans are used to produce chocolate O d. A sharp drop in consumer income: chocolate is a normal good.Figure 10-5 63 Supply PRICE Social Value Demand 240 420 QUANTITY Refer to Figure 10-5. Taking into account private value and external benefits. the maximum total surplus that can be achieved in this market is O a. $15,360. O b. $5.880. O c. $9,480. O d. $13,230