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What effect do price ceilings and price floors have on the market?

a) Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market shortages.

b) Price floors cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.

c) Price ceilings cause an increase in demand and a decrease in quantity supplied, which result in market surpluses.

d) Price floors cause an increase in demand and a decrease in quantity supplied, which result in market shortages.

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