[This is part of the series: The Complete Guide To Economics 101.]
What is a price ceiling in economics?
A Price Ceiling is a price control that forbids, by law, that a price not go above a certain point.
The result of price ceilings are shortages.
A good example of price ceilings are rent controls imposed in many large cities of the world.
This is why there are many times complaints of housing shortages in these very cities.