Binding Price Floor And Ceiling
However if you hit the price equilibrium first it.
Binding price floor and ceiling. An effective price ceiling is called a binding price ceiling. In general a price ceiling will be non binding whenever the level of the price ceiling is greater than or equal to the equilibrium price that would prevail in an unregulated market. A price ceiling is the legal maximum price at which a good can be sold while a price floor is the legal minimum price at which a good can be sold. Note that the price ceiling is above the equilibrium price so that anything price below the ceiling is feasible.
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. Economics classes want students to be able to recognize the difference between binding and non binding price floors. A binding price ceiling is when the price ceiling that is set by the government is below the prevailing equilibrium price. A price ceiling that doesnt have an effect on the market price is referred to as a non binding price ceiling.
Another way to think about this is to start at a price of 0 and go up until you the price ceiling price or the equilibrium price.
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