In this market, a price ceiling above $25 per box is not legally binding. The assertion is accurate.
A price ceiling is a cap on the highest price that can be charged for a good, commodity, or service that is established by the government or another party. Governments implement price caps allegedly to safeguard consumers from situations when commodities might become unaffordable.
A price ceiling occurs when the amount charged exceeds or falls short of the equilibrium price set by supply and demand in the market. Higher price ceilings have been proved to be counterproductive. In the housing rental market, it has been discovered that price ceilings are very significant.
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