When a price ceiling is set below the equilibrium price in a market, which of the following outcomes is most likely to occur?

When a price ceiling is set below the equilibrium price, it means that the maximum price allowed for a good or service is lower than what buyers and sellers would normally agree on. This often leads to a shortage because more people want to buy the product at the lower price, but producers are less willing to supply it since they make less money. For example, if the equilibrium price for a loaf of bread is $3, but the government sets a price ceiling of $2, many people will want to buy bread at that price, but bakers might produce less because it's not profitable. As a result, there may not be enough bread for everyone who wants it, leading to long lines or rationing. Overall, a price ceiling below the equilibrium price disrupts the natural balance of supply and demand.