In the case of a binding price floor, the price paid in the market will be:

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A binding price floor is a government-mandated minimum price that must be charged for a certain good or service in the market. When this is put in place, the price paid in the market will be greater than the free market equilibrium price. This is because the minimum price is above the price that buyers and sellers have agreed on in the free market, which creates a surplus of the good. As a result, buyers are willing to pay less than the minimum price, while sellers are willing to supply more than what is demanded at the minimum price.

In the Case of a Binding Price Floor, the Price