The equilibrium price of a good is $25 with no price controls. If a price ceiling of $21 is imposed, there will be

-a shortage in the market

-a surplus in the market

-no shortage or surplus

-an indeterminate result

True or False: To calculate producer surplus, one finds the area under the demand curve and above the supply curve.

True or False: To obtain a market demand curve for a public good, one has to horizontally sum the demand of individual consumers.