. (04.02 MC) A supply and demand graph, showing quantity on the x axis from 0 to 60 in 10 unit increments. Price is on y axis from 0 to 5 in 1 unit increments. Supply line rises up and to the right from 10, 1 in positive x and y directions. Demand line descends from 10, 5 in positive x direction and negative y direction. An arrow points to the equilibrium, the convergence of supply and demand lines. The area above both the supply and demand curves is marked Surplus. The area under both the supply and demand curves is marked Shortage. A price ceiling is fixed at 1.5. Public Domain During a cold winter, there is a natural-gas shortage. The government sets a price ceiling on natural gas so that people can continue to afford heating. If the price ceiling remains in effect, what will happen? (5 points) Quantity demanded will exceed the quantity supplied. Quantity demanded will equal the quantity supplied. Quantity demanded and supplied will reach price equilibrium. Quantity demanded will be lower than the quantity supplied
