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 nonbinding.
1. The government has instituted a legal minimum price of $8 each for hamburgers.
2. There are many teenagers who would like to work at fast-food restaurants, but they are not hired due to minimum-wage laws.
3. The government prohibits fast-food restaurants from selling hamburgers for more than $8 each.

The government has instituted a legal minimum price of $8 each for hamburgers - price floor binding

There are many teenagers who would like to work at fast-food restaurants, but they are not hired due to minimum-wage laws. - price floor binding

The government prohibits fast-food restaurants from selling hamburgers for more than $8 each - price ceiling, non binding

Explanation:

A price ceiling is when the government or an agency of the government sets the maximum price for a good or service. Price ceiling is binding when it is set above equilibrium price.

A price floor is when the government or an agency of the government sets the minimum price for a good or service. Price floor is binding when it is set above equilibrium price.

Minimum wage is an example of price floor.

The equilibrium price of hamburgers is $7, while the minimum price set by the government is $8. This shows that it is a price floor and it is binding. The government sets the maximum price that fast food should sell hamburgers which is $8. This is an example of A price ceiling but it is not binding because it is above equilibrium price.

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