A price floor is binding when it is set:
a. above the equilibrium price, causing a shortage.
b. below the equilibrium price, causing a surplus.
c. above the equilibrium price, causing a surplus.
d. below the equilibrium price, causing a shortage.

C. Above the equilibrium price, causing a surplus.

Explanation:

They can be said to be the government polices imposed that been used in the system of buying and selling to manipulate the market. A binding price ceiling is when the price ceiling that is set by the government is below the prevailing equilibrium price. For example, if the equilibrium price for rent was $100 per month and the government set the price ceiling of $80, then this would be called a binding price ceiling because it would force landlords to lower their price from $100 to $80.

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