1. The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of bikes is $15 per hour. 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 The government prohibits bike-rental companies from renting out bikes for more than $19 Price ceiling per hour, The government has instituted a legal minimum price of $19 per hour for bikes. There are a lot of high school students who would like to work at bike-rental companies, but they are not hired due to minimum wage laws. Price floor Price floor Binding or Not Non-binding Binding Binding V

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