In a competitive market, when the government imposes a price floor above the equilibrium price, it may lead to a surplus because the quantity supplied will exceed the quantity __________.

In a competitive market, a price floor is the minimum price that can be charged for a good or service. When the government sets this price floor above the equilibrium price, it means sellers cannot sell their products for less than this higher price. As a result, suppliers are encouraged to produce more because they can sell their goods at this higher price, leading to an increase in the quantity supplied. However, since buyers are not willing to purchase as much at this higher price, the quantity demanded decreases. This mismatch between the higher quantity supplied and the lower quantity demanded creates a surplus, where there is more of the product available than people want to buy.