f the equilibrium price of natural gas is \( \$ 4 \) per thousand cubic feet and a price ceiling is imposed at \( \$ 3 \) per thousand cubic feet, the result will be: a. an accumulation of inventorles of unsold gas. b. a surplus of natural gas. c. more natural gas available than what buyers want to buy. d. a shortage of natural gas.

To analyze the situation, let's break down the known conditions: 1. The equilibrium price of natural gas is \( P_e = 4 \) (in dollars per thousand cubic feet). 2. A price ceiling is imposed at \( P_c = 3 \) (in dollars per thousand cubic feet). ### Step-by-Step Analysis: 1. **Understanding Price Ceiling**: A price ceiling is a maximum price set by the government. When the price ceiling is below the equilibrium price, it leads to a situation where the quantity demanded exceeds the quantity supplied. 2. **Effects of Price Ceiling**: - At the price ceiling of \( P_c = 3 \), consumers will want to buy more natural gas because it is cheaper than the equilibrium price. - Producers, on the other hand, will supply less natural gas at this lower price because it is not profitable for them to produce as much. 3. **Resulting Market Condition**: - The quantity demanded will increase due to the lower price. - The quantity supplied will decrease because producers are less incentivized to sell at the lower price. - This discrepancy between quantity demanded and quantity supplied results in a shortage. ### Conclusion: Given the analysis, the correct answer is: **d. a shortage of natural gas.**