In the diagram below, the free-market equilibrium price is PEP_EPE. The government decides to intervene in this market to support producers, establishing a legally binding price of P1P_1P1.
Which of the following correctly identifies the type of intervention and its immediate consequence?
A maximum price, resulting in a market shortage of Q2−Q1Q_2 - Q_1Q2−Q1
A minimum price, resulting in a market surplus of Q2−Q1Q_2 - Q_1Q2−Q1
A minimum price, resulting in a market shortage of QE−Q1Q_E - Q_1QE−Q1
A maximum price, resulting in a market surplus of Q2−QEQ_2 - Q_EQ2−QE
