What effects will price ceiling have in an economy?
When price ceiling is $130, there would be no effect on the equilibrium price at all since Price Ceiling needs to be BELOW the equilibrium price to have effect. When the price ceiling is $90, $60, $30 or $10, then there would be excess demand for the good, Demand is more than supply. The lower the price ceiling, the bigger the difference between Demand and Supply.
