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What are the results or outcomes of an actual governmt price-control, it might be ceiling or...

What are the results or outcomes of an actual governmt price-control, it might be ceiling or it could be floor in United states or other country. please Include diagrams.

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Price ceiling on rent is a best example to understand on how the price control effects the demand and supply of houses. When a price ceiling which is below the equilibrium price is imposed, the demand increases and supply decreases which creates shortages in the market. The price ceiling de-motivates people to build more houses as the rent is below the market price, which also reduces the quality of existing houses. The shortages created below favors black market which leads to inefficient market and market failure

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