Attempts |:|:|:| Keep the Highest l 1 1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. Compiete the Foliowing table by indicating whether each of the statemenm is an exampie ofa price ceiling or a price oor and whether it is binding or nonbinding. Statement Price Control Binding or Not The government has instituted a legal minimum price of $5 each for hamburgers. V V There are mans:r teenagers who would like to work at fast-food restaurants... but they are V V not hired due to minimum-wage laws. The govemment prohibits fast-food restaurants from selling hamburgers for more than $8 V V each. Continue with out saving