Final answer:
A price ceiling of $140 when the equilibrium price is $100 will not have an effect unless the market price rises above $140 due to other factors.
Step-by-step explanation:
If the equilibrium price for a product is $100, a price ceiling of $140 will not have an immediate effect because it's set above the equilibrium price. Normally, a price ceiling is designed to prevent sellers from charging too much for a good or service. In your example, since the ceiling is set well above the equilibrium price, it allows the price to reach its natural balance without interference. Therefore, the market will continue to operate at the equilibrium price, assuming that no other market conditions change. However, it is important to note that if the market price naturally rises above $140 due to factors like increased demand or reduced supply, the price ceiling would then become effective, potentially causing a shortage if it prevents the price from reaching a new equilibrium.