1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of milk is $3.50 per gallon. Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding Statement Price Control Binding or Not There are many teenagers who would like to work at grocery stores, but they are not hired due to minimum-wage laws. The government prohibits grocery stores from selling milk for more than $3.90 per gallon. The government has Instituted a legal minimum price of $3.00 per gallon for milk