If the equilibrium price is $20 in a market and the government sets a price floor at $15 then price floor is O binding and there is deadweight loss. non-binding and there is deadweight loss. O binding and there is no deadweight loss. O non-binding and there is no deadweight loss. D 10 Ra 12 If a price ceiling is binding then we know that there will be O a shortage in the market and deadweight loss. O a surplus in the market and deadweight loss. O a surplus in the market and no deadweight loss. O a shortage in the market and no deadweight loss. D OR 13 If the equilibrium quantity in a market is 50 then with a binding price floor we know that the quantity bought and sold cannot be determined. the quantity bought and sold will be greater than 50. the quantity bought and sold will be less than 50. the quantity bought and sold will be 50. D 10 R5 14 If a price ceiling is set at the equilibrium price in a market then we cannot tell whether there will be a shortage or surplus in the market. there will be a shortage in the market. O there will be a surplus in the market. O there will be neither a shortage nor a surplus