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

In a perfectly competitive market, a price floor is a minimum price set by the government that is above the equilibrium price, which is where supply and demand meet. When this happens, sellers cannot sell their products for less than this price, even if consumers are not willing to buy at that higher price. This leads to a surplus of goods because more producers want to sell their products at the higher price, while fewer consumers are willing to buy them. For example, if the equilibrium price of apples is $1 per pound but a price floor is set at $1. 50, farmers will produce more apples, but many consumers may not buy them at that price, resulting in unsold apples.