Price controls come in two types - price controls and minimum price controls.

 maximum  minimum 

  controls are sometimes imposed to ensure that families on relatively     incomes are able to afford a place to live.  These are usually applied to rental properties in    , where there is often a shortage of   .

 Price  low  high  Rental  supply  demand  city centres 

A     can also be introduced to guarantee workers a minimum living standard. This is called a   .

 living wage  minimum wage  minimum price 

A minimum price or     floor must be placed     the equilibrium price for it to be effective.

above  higher  price  below 

  are often applied to basic necessities which might otherwise be     supplied by the market.

under  over  Maximum prices  Minimum prices 

Free or unregulated     do not necessarily produce the best outcome for either or producers.

 markets  consumers  producers 

Following a   , designed to support food markets, there will be a of stock created.

surplus  price celiling  price floor 

According to free market economic theory it is assumed that at the equilibrium wage there will be     employment. This is the point where the     for labour =   of labour.

 supply  demand  equilibrium  full 

A maximum price or     must be placed     the equilibrium price for it to be effective.

 above  price ceiling  price floor  below 

A price    will often create shortages, which may lead to a     and queues to    goods at the official outlets.

  ceiling  floor  purchase  black market