Arrange the following steps in the process of how price controls affect market outcomes, starting from the imposition of a price ceiling or floor: A) Market reaches a new equilibrium, B) Producers respond to changes in price incentives, C) Shortages or surpluses emerge, D) Government imposes a price control.

Price controls are rules set by the government that can limit how high or low prices can go in a market. When the government imposes a price control, such as a price ceiling that keeps prices from going above a certain level, the market begins to change. Producers see the new price and adjust their behavior, which might mean they produce less if the price is too low. As a result, this can lead to shortages, where demand exceeds supply because consumers want to buy more at the lower price than what is available. Finally, the market reaches a new equilibrium where the quantity demanded and supplied meet, but it may not be the most efficient outcome.