Which of the following problems may be created by price ceiling on wheat accompanied by rationing of the goods? i. Shortage of wheat ii. Creation of black market iii. Hassle of long queues iv. Excess supply of wheat Alternatives:

i, ii, iii ii, iii, iv i, iv i, iii

i, ii, iii

Price ceiling accompanied by rationing of the goods may have the following adverse consequences (a) Each consumer has to stand in long queues to buy the good from ration shops. (b) Since all consumers will not be satisfied by the quantity of the goods that they get from the fair price shop, some of them will be willing to pay higher price for it. This may result in the creation of black market.