Define price ceiling and floor amd give am example for each. Which leads to a surplus? Why?

A price ceiling prevents a price from rising above a certain level. Hence, the name price "ceiling". If the price is set below the equilibrium price what results is the quantity demanded will exceed the quantity supplied. Two things will be achieved either the excess in "demand" and "shortages" will ensue. Whereas, the price floor prevents the price from plummeting below a certain level or threshold.

Explanation:

Price Ceiling and Price Floors prevent the price from going either up or down.

*Please note that this not a legal or "law" related question. This is an Economics Social Science one.

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