Price Ceiling vs Price Floor

Price ceiling Vs Price Floor

Price ceiling- A legal maximum price meant to help buyers, it keeps the price from getting to high  (prevents price gauging)
4 Consequences of Price ceiling setting to low:

1. A lower price for some consumers
2. Shortages
3. Long lines for buyers
4. Illegal above the equilibrium

Price Floor- The lowest legal price a commodity can be sold at. (minimum wage) 
4 Consequences of Price Floor:

1. High product prices will help a few sellers
2. A surplus
3. Higher taxes
4. Waste