How does the imposition of a price ceiling typically affect consumer surplus, and what are the implications for economic inefficiency in a market experiencing a shortage?

A price ceiling is a limit set by the government on how high a price can be charged for a good or service. When a price ceiling is imposed, it usually makes the good cheaper for consumers, which can increase consumer surplus because they pay less than they would without the ceiling. However, this can also lead to a shortage, meaning that the quantity of the good demanded exceeds the quantity supplied, as producers may not want to sell at the lower price. For example, if the price of rent is capped, more people want to rent, but landlords might not find it profitable to offer enough apartments, leading to fewer available units. This situation creates economic inefficiency because resources are not being allocated to their best use, and some consumers who want the good cannot access it at all.