Explanation:

- Option 1: Excess demand

- Occurs when the quantity demanded is greater than the quantity supplied.

- Typically happens when the price is below the equilibrium price.

- Option 2: Excess supply

- Happens when the quantity supplied is greater than the quantity demanded.

- Occurs when the price is above the equilibrium price.

- Option 3: Price ceiling

- A maximum price set by the government.

- Usually below the equilibrium price, leading to excess demand.

- Option 4: Price floor

- A minimum price set above the equilibrium price.

- Can lead to excess supply since price cannot fall to clear the market.