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.

demand is inelastic and supply is elastic

supply is inelastic and demand is elastic

both supply and demand are elastic

both supply and demand are inelastic

the minimum wage

rent controls

restricting petrol prices to Rs.1.00 per litre when the equilibrium price is Rs.1.50 per litre

All of these answers are price floors