Option 1 -> (A)-(I) is incorrect because upper limit on price (price ceiling) leads to excess demand, not supply.
Option 2 -> (A)-(III): Price ceiling causes excess demand; (B)-(II): Free entry/exit results in P=min AC in long run; (C)-(IV): MRP_L = MR × MP_L; (D)-(I): Price floor causes excess supply.
Option 3 -> (A)-(IV) is incorrect because upper limit on price is not related to MR × MP_L formula.
Option 4 -> (A)-(IV) is incorrect because upper limit on price is not related to MR × MP_L formula.
Hence, Option 2: (A) - (III), (B) - (II), (C) - (IV), (D) - (I) -> (A) Price ceiling (upper limit) creates shortage as consumers demand more at lower prices; (B) Free entry/exit in perfect competition ensures zero economic profit where P = minimum AC in long run; (C) MRP_L is calculated by multiplying marginal revenue with marginal product of labor; (D) Price floor (lower limit) creates surplus as suppliers produce more at higher prices but demand falls -> correct