What is the likely effect of a government-imposed price ceiling on a market in equilibrium?

A government-imposed price ceiling is a maximum price that can be charged for a good or service, usually set below the market equilibrium price. When this happens, sellers cannot charge more than the ceiling price, which can lead to a shortage. For example, if a government sets a price ceiling on rent, landlords may not want to rent their properties at the lower price, leading to fewer available apartments. As a result, more people will want to rent than there are apartments available, causing competition and frustration among potential renters. Overall, while the price ceiling aims to make goods more affordable, it can disrupt the balance of supply and demand, leading to negative consequences in the market.