Answer
A classic example of price ceiling is the rent control in New York City. The most common for price floor is the minimum wage.
Work Step by Step
A price floor is a legal minimum on the price at which a good must be sold. If the price floor is above the equilibrium price, the market price for the good will be at the price floor.A price ceiling is a legal maximum on the price at which a good must be sold. If the price ceiling is below the equilibrium price, the market price for the good will be at the price ceiling.
