A price ceiling is imposed in a market at $13, well below its equilibrium level. The equilibrium quantity is 27 units if the market was in equilibrium. Which of the following must be true?
a. There is an excess demand at $13.
b. There is an excess supply at $13.
c. The equilibrium price must be less than $13.
d. Quantity supplied is greater than 27 units at $13.
e. Quantity demanded is less than 27 units at $13.
A
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