What is the effect of a price floor on the quantity demanded of the product? What is the effect of a price floor on the quantity supplied? Does a price floor cause a shortage or a surplus?Why?

Does a price floor change the equilibrium price?

What would be the impact of imposing a price floor below the equilibrium price?

When do you stop picking berries? Explain and define the ideas of diminishing marginal returns(utility), costs, and benefits in your answer.