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Controls on Prices ï¨Price Ceiling (e.g. rent control) â A legal maximum on the price at which a good can be sold. â If the price ceiling is set below the equilibrium price, it leads to a shortage. ï¨Price Floor (e.g. minimum wage) â A legal minimum on the price at which a good can be sold. â If the price ceiling is set above the equilibrium price, it leads to a surplus.
