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Without any price control, the equilibrium price is $7. Then the government creates a price ceiling of $6. Which of the following is true? a.The
Without any price control, the equilibrium price is $7. Then the government creates a price ceiling of $6. Which of the following is true?
a.The price control is binding and consumer surplus rises.
b.The price control is not binding and consumer surplus rises.
c.The price control is binding and consumer surplus falls.
d.The price control is not binding and consumer surplus falls.
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