The year is 1779 in Iceland. Light sources, such as oil lamps, are precious commodities (as harnessed clectricity is not yet available). The government wants to intervene in the pricing 45- of oil lamps so that its citizens do not pay outrageous amounts 40- Supply of money for lighting. The currency used in Iceland at the 35- Demand time is the rigsdaler. Consider the graph depicting Iceland's hypothetical supply and demand for oil lamps. 30- Price (rigsdaler) 25- 20- If lecland's governor chooses to set a price floor of 15 rigsdaler for un vil lamp, what will occur? 15- O There will be a surplus of oil lamps. 10- The equilibrium price of an oil lamp will change. Nothing will change. 0 40 60 80 100 120 140 There will be a shortage of oil lamps. Quantity of oil lamps (thousands) If Iceland's governor chooses to set a price ceiling of 40 rigsdaler for an oil lamp, what will occur? There will be a shortage of oil lamps. The equilibrium price of an oil lamp will change. O Nothing will change. There will be a surplus of oil lamps