Final answer:
A price ceiling does not shift the supply or demand curves but creates a market constraint that can lead to a shortage, resulting in various market inefficiencies. Hence the correct answer is d. neither.
Step-by-step explanation:
When assessing the impact of a price ceiling on the market, one must understand that a price ceiling is a regulation that sets the maximum price that can be charged for a product or service, with the intent to make the product more affordable. In terms of the provided options for what a price ceiling will usually shift, the correct answer is d. neither.
A price ceiling, when set below the market equilibrium, does not directly shift the supply or demand curves. Instead, it creates a constraint on the price that can lead to a shortage, whereby the quantity demanded exceeds the quantity supplied at that price level. This can result in inefficiencies in the market such as reduced product quality, black markets, and decreased supply in the long run if producers do not find it profitable to produce at the lower price.