Suppose the government passes a law that sets a maximum limit on the price for a product (i.e. a price ceiling). Which of the following is true?

If it helps, think of a concrete example -- e.g. if the government put a maximum price of $5 on a hamburger or $40 on a pair of shoes. It can also help to use an extreme example -- e.g. if the maximum price for a hamburger was $0.25 instead of $5.

Group of answer choices

It will hurt sellers

All of the other answers are correct

It will help some consumers but hurt others

It will cause a shortage