1.) A price ceiling is a government-imposed price control or limit on how high a price is charged for a product. Price controls are governmental restrictions on the prices that can be charged for goods and services in a market .A price support may be either a subsidy or a price control, both with the intended effect of keeping the market price of a good higher than the competitive equilibrium level. A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product. A price floor must be higher than the equilibrium price in order to be effective.