The language of price controls. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon. 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 nonbinding. statement price control binding or not the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. there are many teenagers who would like to work at gas stations, but they are not hired due to minimum-wage laws. binding the government has instituted a legal minimum price of $2.70 per gallon for gasoline.