A binding price ceiling is a mandated _____.(1 point)
To find the answer to this question, let's break it down:
1. Start by understanding the concept of a price ceiling. A price ceiling is a government-imposed maximum price that can be charged for a good or service.
2. Now consider the term "binding" when used in the context of a price ceiling. A binding price ceiling refers to a price ceiling that is set below the equilibrium price of a good or service. In other words, it is a price ceiling that is below the market-clearing price.
3. With this understanding, we can infer that a binding price ceiling is a mandated maximum price that is set below the equilibrium price.
Therefore, the missing word to complete the sentence is "maximum price." A binding price ceiling is a mandated maximum price.