If a price ceiling is set below the market equilibrium price, what is the most likely outcome?

When a price ceiling is set below the market equilibrium price, it means that the maximum price sellers can charge is lower than what the market would naturally set. This often leads to a shortage of goods because more people want to buy the product at the lower price, but producers are less willing to supply it since they earn less money. For example, if the market price for a popular toy is $20, but a price ceiling is set at $15, many customers will want to buy the toy at that lower price, but stores may not have enough toys to sell because they don’t make enough profit to keep producing them. As a result, you might find long lines or empty shelves, showing that there aren't enough toys to meet everyone's demand. Overall, a price ceiling below the equilibrium creates an imbalance where demand exceeds supply, leading to shortages.