Question: When price ceilings are in effect: Multiple choice question. there is a surplus of output for consumers. the quantity supplied exceeds the quantity demanded. the

When price ceilings are in effect: Multiple choice question. there is a surplus of output for consumers. the quantity supplied exceeds the quantity demanded. the quantity supplied equals the quantity demanded. there is an increase in the prices received by producers. market participants have a strong incentive to work around the laws

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