What effect do price ceilings and price floors have on the market?
a) Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market shortages.
b) Price floors cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.
c) Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.
d) Price floors cause an increase in demand and a decrease in quantity supplied, which result in market shortages.