Answer:
will attract more resources towards the production of the product
Explanation:
A price floor is when the government or an agency of the government sets the minimum price of a product. A price floor is binding if it is set above equilibrium price.
Because price is set above equilibrium price, quantity supplied would exceed quantity demanded and there would be a surplus.
If price were set below equilibrium price (the price floor is non-binding) there would be shortages as quantity demanded would exceed quantity supplied
price floor benefits sellers
Due to increased profitability as a result of the high price as a result of price floor, there would be a resource flow into that industry
