Price 5 3 2 3,000,000 4,750,000 6,000,000 Quantity 4,250,000 5,000,000 The accompanying figure above describes the market for oil in a local community. If the government were to place a price ceiling of oil at a price of $2, what is happening here? There would be a shortage of 3,000,000 units of oil. There would be a surplus of 750,000 units of oil. There would be a surplus of 3,000,000 units of oil. There would be neither a shortage nor a surplus of oil. There would be a shortage of 750,000 units of oil