1. The government imposes a price ceiling of $2.00 for product Y, which is below its market price of $3.00. Because of this action, we can predict that, all other things constant:

1. customers will be able to purchase all they want at $2.00
2. producers will not be able to sell all they would like at $2.00
3. there will be a surplus of product Y
4. there will be a shortage of product Y
5. equilibrium will be restored to the market