a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price.

a surplus

a shortage

an equilibrium

There may be long lines of buyers waiting for apartments

Landlords may discriminate among apartment renters

There will be a shortage of housing

The quality of apartments will improve

always determines the price at which a good must be sold.

sets a legal maximum on the price at which a good can be sold

is not a binding constraint if it is set above the equilibrium price

sets a legal minimum on the price at which a good can be sold

The shortage created by the price ceiling is greater in the short run than in the long run.

The surplus created by the price ceiling is greater in the short run than in the long run.

The surplus created by the price ceiling is greater in the long run than in the short run

The shortage created by the price ceiling is greater in the long run than in the short run

the buyers

Neither buyers nor sellers desire a price floor

the sellers

Both buyers and sellers desire a price floor.