A price floor is a government-imposed minimum price for a good or service. When a price floor is set above the market equilibrium price, it results in a surplus of the good or service. This surplus can manifest in the form of unsold goods, excess production, and reduced incentives for producers to produce.
On the other hand, a price ceiling is a government-imposed maximum price for a good or service. When a price ceiling is set below the market equilibrium price, it results in a shortage of the good or service. This shortage can manifest in the form of long lines and rationing, reduced incentives for producers to produce, and increased incentives for consumers to hoard the goods.
In both cases, government controls on prices can disrupt the market's ability to reach equilibrium, where supply and demand balance each other out. Government controls on prices are usually implemented to protect consumers from high prices or to help stabilize prices for certain goods or services, but they can have unintended consequences, such as reducing the incentives for producers to produce, or causing shortages or surpluses in the market.