Advantages: Price Ceiling stop businesses or suppliers from price gouging on limited goods or services. Also keeps the cost of living affordable during high inflation.
Disadvantages: The negative effects of price ceilings are that it can have a negative impact on the overall marketplace. Because suppliers are not encoraged to produce more than one product or item at a time, because they cant set their own prices. Meaning supplying of resources will decline, which will reduce the amount of availability of that resource in the market.
