Suppose the equilibrium price of carrots is $1. The price floor instituted by the government is $1.50. Based on this information, which of the following would you expect to take place in the market?

A surplus

Explanation:

A price floor is the minimum price that can be paid in exchange for goods and services.

A price floor is binding if it is greater than the equilibrium price. In this question, the price floor is binding.

When price floor is greater than the equilibrium price, quantity supplied would increase over demand, this would lead to a surplus in the economy.

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