A price ceiling is a government-imposed limit on how high a price can be charged for a product or service. It is typically set below the market equilibrium price to make essential goods more affordable for consumers. For example, a price ceiling on rent can help low-income families find housing without spending too much of their income. While price ceilings can make goods more accessible, they can also lead to shortages. When prices are kept artificially low, suppliers may not find it profitable to produce enough of the product, resulting in a lack of availability. This can create long waiting times or reduced quality in goods like food or housing.