question is stated below

1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $4.00 per gallon. Complete the following table by indicating whether each of the statements is an example of a 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 $3.70 per gallon for gasoline. V v Due to new regulations, gas stations that would like to pay better wages in order to hire v v more workers are prohibited from doing so. The government prohibits gas stations from selling gasoline for more than $4.50 per V v gallon