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in a market with a binding ceiling, an increase in the ceiling will?
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- If a price floor benefits producers, why does a price floor reduce social surplus?A shortage of a good arises when there is a binding price floor. A surplus of a good arises when there is a binding price ceiling. Select one: a.True b.FalseSuppose a binding price floor is imposed on a market. Can you show a correct craft that shows the effects of the binding price floor? The graph should indicate the shortage/surplus.