We can actually deduce here that what economists actually mean when they say "price floors and ceilings stifle the rationing function of prices and distort resource allocation" is that price floors and ceilings actually set the prices away from the price determined by the market and that distorts the market's resources allocation and the price mechanism.
A price floor is actually known to be a government or group-imposed price control. This can also be referred to as the limit that a price on a commodity, good or service can be charged.
Then price ceiling refers to the high limit that a price for a product, service or commodity can go. This is also government controlled or group controlled.
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