Price Ceiling is binding when the ceiled price is below the Equilibrium Price. If the Ceiled Price is above the Equilibrium Price, then Price Ceiling has no effect. The Price is that is followed is the Equilibrium Price itself.
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Price Ceiling is binding when the ceiled price is below the Equilibrium Price. If the Ceiled Price is above the Equilibrium Price, then Price Ceiling has no effect. The Price is that is followed is the Equilibrium Price itself.