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3. Suppose the government has imposed a price ceiling on cellular phones. Which of the following events could transform the price ceiling from one that is binding to one that is not binding? a. Cellular phones become more popular. b. Traditional land line phones become more expensive. C. The components used to produce cellular phones become more expensive. @ A technological advance makes cellular phone production less expensive.
3. Suppose the government has imposed a price ceiling on cellular phones. Which of the following events could transform the price ceiling from one that is binding to one that is not binding? a. Cellular phones become more popular. b. Traditional land line phones become more expensive. C. The components used to produce cellular phones become more expensive. @ A technological advance makes cellular phone production less expensive.
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