For a price ceiling to have an impact on a market it:

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A price ceiling is a legal maximum price that can be charged for a good or service. It is only effective if it is set below the equilibrium price, as this creates a shortage of the good or service. If the price ceiling is set above the equilibrium price, it will have no effect on the market, as the market will already be at equilibrium or will continue to operate at the market clearing price despite the price ceiling. If the price ceiling is set at the equilibrium price, there will be no effect on the market as well. The price ceiling creates a situation where the demand exceeds the supply, leading to a shortage. This can lead to several negative consequences, such as black markets or reduced quality of the product.

For a Price Ceiling to Have an Impact on a Market