Consider the Market for Iron Ore, an Important Industrial Input

Consider the market for iron ore, an important industrial input. Suppose the government sets a price floor below the free- market equilibrium price. The result will be

A) a continuation of the free- market equilibrium price and quantity.
B) the quantity demanded will exceed quantity supplied and there will be a shortage in the market.
C) increased government revenue.
D) a new free- market equilibrium at a lower price and higher output level.
E) the quantity supplied will exceed quantity demanded and there will be a surplus in the market.