If the government regulates the price a monopoly can charge, and the price ceiling is set below what the competitive market price would be, then

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If the price ceiling is set below the competitive market price, the monopoly will not be able to charge the higher price and will instead face excess demand. This will result in a shortage of the good or service, as consumers will want to buy more than the monopoly is willing to supply at the regulated price. This shortage could lead to other issues, such as inefficient allocation of resources and black markets. Additionally, both producer and consumer surplus will be reduced due to the lower price ceiling.

If the Government Regulates the Price a Monopoly Can Charge