Options for the column "Price Control" You may choose either one:Price ceiling OR Price FloorOptions for the column "Binding or not"You may choose either one that applies:Binding OR Not binding

Aplia Homework: Chapter 6 Back to Assignment Attempts Average / 1 1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of hamburgers is $7 each. 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 not binding. Statement Price Control Binding or Not The government prohibits fast-food restaurants from selling hamburgers for more than $8 each. There are many teenagers who would like to work at fast-food restaurants, but they are not hired due to minimum-wage laws. The government has instituted a legal minimum price of $8 each for hamburgers. Grade It Now Save & Continue Continue without saving