Problem: Demonstrate the effects of a price ceiling and a price floor on a market. As for what happens with pricing is different than equilibrium, a price Floor is Minimum wage where the wage rate is higher than the rate at equilibrium. While a price Ceiling is like rent controls in large cities to keep rents lower so it is more affordable which causes rents to be lower than equilibrium. Minimum wage is one example and New York's Rent Control is another one. Discuss which of these two examples is either a floor; or a ceiling and explain why? Videos may help in the Announcements.