some
alternative mechanism must allocate resources. If quantity supplied exceeds quantity demanded, so
that there is a surplus of a good as in the case of a binding price floor, sellers may try to appeal to
the personal biases of the buyers. If quantity demanded exceeds quantity supplied, so that there is a
shortage of a good as in the case of a binding price ceiling, sellers can ration the good according to
their personal biases, or make buyers wait in line.