# Agricultural Price Ceilings ## Definition Maximum prices set by government for agricultural products, typically below market equilibrium levels, intended to protect consumer interests. Agricultural price ceilings can lead to shortages and reduced quality. ## Source Chapter Book I, Chapter 11 ## Context Smith examines historical examples of agricultural price ceilings, including the Statute of Labourers, arguing that such interventions often harm the very groups they aim to protect and reduce economic efficiency. ## Economic Domain Regulation