What effect does a price ceiling typically have on a market for a good?

A price ceiling is a limit set by the government on how high the price of a good can be. When a price ceiling is implemented, it usually leads to the price of the good being lower than what would be set by the market. For example, if the government sets a price ceiling on rent, landlords cannot charge more than that limit, which can make housing more affordable for some people. However, this often results in fewer houses being available because landlords may not want to rent out at lower prices, leading to a shortage. So, while a price ceiling can help some consumers, it can also create problems like scarcity and reduced quality in the market.