What Best Describes the Impact of a Price Ceiling in a Competitive

Multiple Choice

What best describes the impact of a price ceiling in a competitive market?

A) This benefits all consumers because they are able to obtain the good for a lower price.
B) The quantity supplied will be in excess of the quantity demanded.
C) It will likely lead to consumers waiting in line for longer periods of time to buy the good.
D) It will benefit both consumers and producers of the good.