If a price ceiling is set above the equilibrium price,

A) quantity demanded will equal quantity supplied.
B) there will be a surplus.
C) there will be a shortage.
D) demand will be less than supply.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers from market conditions that could make commodities unaffordable.

Equilibrium Price

The price at which the quantity of a good or service supplied is equal to the quantity demanded.

Surplus

An excess amount of something, especially in the context of production and supply exceeding demand in economics, leading to a situation where the quantity supplied is greater than the quantity demanded.