Price controls; Minimums and Maximums

The government sets the price of free market for society in general in order to achieve a different outcome. It calls Price controls. There are two types of Price controls which are Maximum (low) price controls and Minimum (high) price controls. Maximum price control is that the government sets a maximum price under the equilibrium price in order to attempt to prevent the market price from rising above a certain level. And so producers cannot raise the price and it has to be set below the free market price. It usually apply to agricultural products and food markets during shortages or the price for renting the house in order to stabilize the life for poor people. This can be kind of welfare system. Conversely, Minimum price control is that the government sets price above the equilibrium price in order to prevent reducing the price and increase the revenue of the producers.