Price control refers to government-imposed limits on the prices that can be charged for goods and services in a market. These controls can take the form of price ceilings, which set a maximum price, or price floors, which establish a minimum price. The goal of price control is often to protect consumers from high prices or to ensure that producers receive a fair income. While price controls can help make essential goods more affordable, they can also lead to unintended consequences. For example, if a price ceiling is set too low, it may result in shortages, as suppliers may not find it profitable to produce enough of the good. Conversely, a price floor set too high can lead to surpluses, where supply exceeds demand.