If a government sets a price ceiling below the market equilibrium price, what is the likely outcome?

When a government sets a price ceiling below the market equilibrium price, it means that the maximum price that can be charged for a good is lower than what people are willing to pay. This often leads to a shortage of that good because more people want to buy it at the lower price, but producers are less willing to sell it since they make less money. For example, if the price of rent is capped at $1,000 while the market rate is $1,500, many people will want to rent apartments at the lower price, but landlords may choose not to rent them out or may reduce the number of apartments available. As a result, there may not be enough rental units for everyone who wants one. This situation can create long wait times and competition among renters, which can lead to unfair practices like under-the-table payments.