What is the likely effect of a price ceiling on a market where the demand exceeds supply?

A price ceiling is a limit set by the government on how high a price can be charged for a product or service. When demand for a product exceeds its supply, it means many people want to buy it, but there isn’t enough available. If a price ceiling is placed below the market equilibrium price, it can lead to shortages because sellers may not want to sell at that lower price, and fewer goods will be produced. For example, if the government sets a price ceiling on rent for apartments, more people will want to rent, but landlords might not want to rent out their apartments at that lower price, leading to fewer available units. This situation creates a struggle for people to find the product, often resulting in long waiting lists or other non-price methods of allocation.