Question

A government-imposed price ceiling set below the market's equilibrium price will create a shortage for a product. As a result of the shortage, either the demand curve will tend to shift to the left or the supply curve will shift to the right or both.

Answer 1

When a government-imposed price ceiling set below the market's equilibrium price, either the demand curve will tend to shift to the left or the supply curve will shift to the right or both.

What is an equilibrium price?

In economics, economic equilibrium is a situation in which economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change.

Therefore, the influence of the government (external) can either make the demand curve tend to shift to the left or the supply curve shift to the right or both.

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