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

A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint

A significant increase in the supply of petrol could cause the price ceiling to become a binding constraint.

There will be a shortage of petrol

There will be a surplus of petrol.