Which of the following statements accurately describe the effects of binding price controls in a market? Select all that apply.

Price controls are rules set by the government to limit how high or low prices can go in a market. When a government sets a price ceiling, which is the maximum price that can be charged, it can lead to shortages because suppliers may not find it profitable to sell at that lower price. For example, if rent prices are capped, landlords might decide to rent fewer apartments, causing a shortage of available housing. On the other hand, a price floor, like a minimum wage, can lead to surpluses because employers may not hire as many workers at the higher wage. Overall, price controls can disrupt the balance between supply and demand, leading to either shortages or surpluses in the market.