Explanation:

- A price floor is the minimum price set by the government for a particular good or service.

- It is set above the equilibrium price to ensure producers receive a minimum reward for their efforts.

Explanation of Options:

- Option 1: Shortage: Occurs when demand exceeds supply at a given price. This is more related to price ceilings, not floors.

- Option 2: Surpluses: Occurs when supply exceeds demand, often due to price floors set above equilibrium prices, leading to unsold goods.

- Correct Answer.

- Option 3: Equilibrium: The point where supply equals demand. Price floors disrupt this balance.

- Option 4: None of the above: This is incorrect when discussing the implications of price floors.