The language of price controls Suppose that, in a competitive market without government regulations, the equilibrium price of milk is $3.50 per gallon.
Complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it is binding or nonbinding.
Statement
Price Control
Binding or Not
The government prohibits grocery stores from selling milk for more than $3.90 per gallon.
The government has instituted a legal minimum price of $3.00 per gallon for milk.
There are many teenagers who would like to work at grocery stores, but they are not hired due to minimum-wage laws.

Martha has a deck of cards. she has lost some of the cards, and now the deck only contains nine spades, eleven diamonds, eight clubs, and twelve hearts. martha predicts that whenever she draws a card from the deck without looking, she will draw a club one-fifth of the time. which activity would best allow martha to test her prediction? a. randomly draw a card from the box and see if it is a club. b. randomly draw a card. then, continue to draw another card until all eight clubs are drawn. c. randomly draw and replace a card 120 times. then, observe how close to 30 times a club is drawn. d. randomly draw and replace a card 100 times. then, observe how close to 20 times a club is drawn.