In a perfectly competitive market for potatoes, what is the likely outcome if a price floor is set above the equilibrium price?

In a perfectly competitive market, the equilibrium price is where the quantity of potatoes that buyers want to purchase equals the quantity that sellers want to sell. If a price floor is set above this equilibrium price, it means that sellers cannot sell their potatoes for less than this higher price. As a result, some consumers may decide not to buy potatoes because they are now too expensive, leading to a decrease in the quantity demanded. Meanwhile, farmers will be encouraged to produce more potatoes because they can sell them at this higher price, increasing the quantity supplied. This situation can create a surplus of potatoes, where there are more potatoes available than people are willing to buy at that price, causing waste and inefficiency in the market.