Answer:
Definition of ?Price Ceiling?: Price ceiling is a situation when the price charged is more than or less than the equilibrium price determined by market forces of demand and supply. It has been found that higher price ceilings are ineffective. Price ceiling has been found to be of great importance in the house rent market. 
Implications of ?Price Ceiling? (i) Price ceiling enables the availability of basic goods at reasonable price to the poor. This enable to increases the welfare of the people. (ii) When there is a fall in the price level, the demand for a good increases more than the supply of the good. Hence, it creates an excess demand for the good.
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