Which of following statements is true based upon the conditions in the market? a. a shortage will develop when a price ceiling is imposed at a price of $10. b. a surplus will develop when a price floor is imposed at a price of $8. c. a surplus will develop when a price floor is imposed at a price of $12. d. a shortage will develop when a price ceiling is imposed at a price of $14.

Fl^ure 6-52 Price 20 L8 16 14 10 0 10 20 40 50 60 70 90 100 Quantity