Non Binding Price Ceiling Graph
Economics classes want students to be able to recognize the difference between binding and non binding price floors.
Non binding price ceiling graph. If the ceiling is at 100 meters the balloon price can rise to 50 meters with no problem. It may be confusing to have a ceiling below something but if you think it through it makes sense. If the equilibrium price is already lower than the price ceiling the price ceiling is ineffective and called a non binding price ceiling. Binding versus non binding price ceilings a price ceiling can be set above or below the free market equilibrium price.
If a balloon wants to float to 50 meters than the ceiling must be below 50 meters in order to be effective. For example suppose that the prevailing equilibrium price was 100 still and the government set the price ceiling to be 130 the price would. The trick is to remember that prices are free to operate above a price floor just like standing on a floor so any market price above the price floor will not be affected in any way. Because the price is less than the price ceiling is binding.
The video then discusses whether or not the price ceiling is binding at these different locations.
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