What is the primary consequence of implementing a price ceiling in a market?

When a government sets a price ceiling, it means they are placing a maximum limit on how high a price can be for a good or service. The primary consequence of this is that it often leads to a shortage, meaning there are not enough goods available to meet the demand at that lower price. For example, if the government sets a price ceiling on rent, landlords might not find it profitable to rent out their apartments, which can result in fewer apartments being available. This shortage occurs because more people want to buy or rent the product at the lower price, but producers or sellers are not willing to supply enough of it. In the end, while the price ceiling aims to make things more affordable, it can create problems like long waiting lines or reduced quality of goods.