Which of the following outcomes can result from the implementation of a price ceiling in a market? Select all that apply.

A price ceiling is a limit set by the government on how high a price can be for a certain good or service. When a price ceiling is implemented, it usually leads to a situation where the price is lower than what the market would naturally set. This can result in a shortage, meaning there are not enough goods available for everyone who wants to buy them, because producers may not want to sell at the lower price. For example, if the government sets a price ceiling on rent, landlords might choose to rent out fewer apartments because they aren't making enough money, leading to fewer options for people looking for a place to live. So, outcomes from a price ceiling can include shortages and reduced product availability.