if the price ceiling of a good is set AT the Equalibrium Price, is it non binding?

When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.

The Orlando Sentinel newspaper had an August 30, 2019 story titled "Hurricane Dorian: Florida activates price-gouging hotline." Florida has a "Price Gouging Statute" which makes it illegal to raise prices on essential commodities when an official State of Emergency has been declared. This is, essentially, a price ceiling at the pre-emergency levels. While no one can argue with a law that tries to limit exploitation of people in times of emergency, we can as economists analyze the impact of this government intervention. Consider the market for some essential commodity, such as ice. Assume the demand curve slopes down and the supply curve slopes up. Depict the equilibrium before the emergency. On the same graph show the impact of the emergency, clearly identifying any shifts in the curves and any changes in the market equilibrium in the market for ice, keeping in mind the following two outcomes of the hurricane: Electricity is not operating, refrigerators are useless, and people...

What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an impact on the market.

Could you explain the difference between a suprlus and shortage in terms of supply and demand?

Suppose that the government establishes a price ceiling of 3ドル.70 for wheat. What might prompt the government to establish this price ceiling?

The figure below represents the market for Gasoline, where initially the equilibrium price was 5ドル.60. The picture shows the effect of a 1ドル.50 tax on gasoline. Using the information from the figure, what is the price elasticity of supply(Using the Midpoint method) when moving from equilibrium to the new supply after the tax?(round your answer to 2 decimal places)