If the government set a price floor at $24

A) there would a temporary surplus,then prices would fall to equilibrium.
B) there would be a permanent surplus,at least until the price floor was lifted.
C) the price floor would not have any effect on this market.
D) the price would rise to the equilibrium price.

Price Floor

A minimum price set by the government for certain goods and services, which cannot legally be lowered.

Temporary Surplus

A short-term situation where the supply of a product or service exceeds its demand, often leading to price reductions.

Permanent Surplus

A situation where a country consistently exports more goods and services than it imports, leading to a positive balance of trade over time.