Which of the following outcomes is typical of a price ceiling that is set below the market equilibrium price?

A price ceiling in the market for fuel oil that is below the equilibrium price will

A price ceiling set above the equilibrium price causes a surplus in the market.

A binding price ceiling (i) causes a surplus. (ii) causes a shortage.

A、

(ii) only

(iv) only

(i) and (iii) only

(ii) and (iv) only

If a price ceiling is set above the equilibrium price, then