What is the primary cause of a surplus in a market that has implemented a binding price floor?

A surplus in a market with a binding price floor happens when the price is set above the equilibrium price, which is where supply and demand meet. When the government sets this higher price, sellers want to supply more of the product because they can sell it for more money. However, buyers are not willing to purchase as much at this higher price, leading to fewer sales. For example, if the price floor for bread is set at $3, but the equilibrium price is $2, bakers will produce more bread, but consumers may only want to buy less because it is too expensive. This mismatch between supply and demand results in a surplus of bread that isn't sold.