When a price floor is imposed above the equilibrium price of a commodity,

A) quantity demanded will be greater than quantity supplied for the good.
B) the quantity demanded by consumers will be greater than at the equilibrium price.
C) a shortage of the good will develop.
D) a surplus of the good will develop.

Price Floor

Price floor is a government or group-imposed limit below which prices cannot fall, typically set to ensure producers can cover their costs.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, resulting in market balance.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a specific period.