If the government removes a binding price ceiling from a market, the price will also

The market price for the concerned product or service will increase due to the removal of the binding price ceiling by the government.

Explanation:

In Microeconomics, a price ceiling basically denotes the maximum price limit for any good or service stipulated officially by the government for any particular good or service. The price limit under binding price ceiling is usually set below the market equilibrium for any good or service thereby creating excess demand in the market as the demand for the concerned product or service exceeds or surpasses its supply in the market. As the binding price ceiling is removed from the market by the government, the market equilibrium price for the concerned good or service is restored in the market as the market price increases from its erstwhile position under the binding price ceiling to the equilibrium position at which the demand and supply of the concerned product or service are equal or identical.