Answer:
The advantage is that they will lead to lower prices for consumers.
This may be important if the supplier has monopoly power to exploit consumers.
Maximum prices are usually reserved for socially important goods, such as food and renting.
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The disadvantage is that it will lead to lower supply. If firms get a lower price, there may be less incentive to supply the good, and the number of properties on the market declines.
A maximum price will also lead to a shortage – where demand will exceed supply; this leads to waiting lists. In housing it could lead to a rise in homelessness.
A maximum price can lead to the emergence of black markets as people try to overcome the shortage of the good and pay well above the market price.
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Higher prices for consumers. We had to pay more for food.
Higher tariffs necessary on imports. .
Minimum prices encourage oversupply and are inefficient. The CAP encouraged farmers to produce food that no one actually wanted to eat. This included using more chemicals to increase yields