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A related government intervention to price floor, which is also a price control, is the price ceiling; it sets the maximum price that can legally be charged for a good or service, with a common example being rent control. A price ceiling is a price control, or limit, on how high a price is charged for a product, commodity, or service.
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In this circumstance, buyers want to purchase more at the market price than the quantity of the good or service that is available, and some non-price mechanism (such as "first come, first served" or a lottery) determines which buyers are served. So in a perfect market the only thing that can cause a shortage is price.
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Incomes policies in economics are economy-wide wage and price controls, most commonly instituted as a response to inflation, and usually seeking to establish wages and prices below free-market level. [1] Incomes policies have often been resorted to during wartime.
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A price ceiling is a government- or group-imposed price control, or limit, on how high a price is charged for a product, commodity, or service.Governments use price ceilings to protect consumers from conditions that could make commodities prohibitively expensive.
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