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Which of the following is an effect/are effects of the imposition of a price ceiling? Quantity supplied exceeds quantity demanded creating surplus Quantity demanded exceeds

Which of the following is an effect/are effects of the imposition of a price ceiling?

Quantity supplied exceeds quantity demanded creating surplus

Quantity demanded exceeds quantity supplied creating shortage

Equilibrium price is lower than that set by free-market equilibrium

Equilibrium price is higher than that set by free-market equilibrium

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