The consequence of a price floor set below the equilibrium price is

Select one:

a.

a surplus, where the quantity demanded exceeds the quantity supplied.

b.

a shortage, where the quantity demanded exceeds the quantity supplied.

c.

a surplus, where the quantity supplied exceeds the quantity demanded.

d.

a shortage, where the quantity supplied exceeds the quantity demanded.

e.

nothing; the price floor will have no impact on the quantity demanded or the quantity supplied.