What is the primary effect of a price floor set above the equilibrium price on a market?

A price floor is a minimum price set by the government for a good or service, and when it is set above the equilibrium price, it can cause some problems in the market. The equilibrium price is the point where the supply and demand for a product are balanced, meaning that sellers can sell all they want at that price, and buyers are willing to buy that amount. When a price floor is set above this level, it means that the price is too high for some buyers, leading to a decrease in the quantity demanded. For example, if the government sets a price floor for milk at $4 per gallon, but the equilibrium price is $3, fewer people may buy milk at the higher price, resulting in unsold milk and a surplus. This surplus can lead to wasted resources and can hurt producers who may not be able to sell all their product.