If the government sets £3 as the price floor for a bale of cotton when the equilibrium price is £1.50, _____.

the quantity demanded and the quantity supplied of cotton will be equal
more cotton will be imported into the country to increase supply
there will be an excess of supply over demand for cottonCorrect
sellers may seek to sell cotton illegally above the price floor

Explanation
If the government sets £3 as the price floor for a bale of cotton when the equilibrium price is £1.50, there will be a surplus of cotton in the market.