A binding price ceiling is a mandated "maximum price below the market equilibrium price."
This is because a binding price ceiling is a point at which the price of certain commodities can not rise above the market equilibrium price.
The binding price ceiling is usually set by the government rather than the force of demand and supply.
The binding price ceiling has negatives, such as leading to a shortage of supply.
Hence, in this case, it is concluded that the correct answer is option C.
"maximum price below the market equilibrium price."
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