Explain how a price ceiling works and show how a rent ceiling creates a housing shortage, inefficiency, and unfairness.

Explain how a price ceiling works and show how a rent ceiling creates a housing shortage, inefficiency, and unfairness. Explain how a price floor works and show how the minimum wage creates unemployment, inefficiency, and unfairness. Explain how a price support in the market for an agricultural product creates a surplus, inefficiency, and unfairness.