Which of the following statements is true if the government places a price ceiling on petrol at Rs150 per litre and the equilibrium price is Rs100 per litre ?

A. There will be a shortage of petrol

B. A significant increase in the supply for petrol could cause the price ceiling to become a binding constraint.

C. A significant increase in the demand for petrol could cause the price ceiling to become a binding constraint.

D. There will be surplus of petrol

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