A market for apples has an equilibrium price of $1.20. There is also currently a price floor of $0.85. An increase in the price floor from $0.85 to $1.50 will do what to the price and quantity of apples exchanged in the market?
(A) The new price floor of $1.50 is not effective since it's above the equilibrium price, so the market will be at its natural supply-equals-demand equilibrium price and quantity.
(B) The price of apples will increase, and fewer apples will be exchanged.
(C) The price and quantity of apples exchanged will both increase.
(D) The price of apples will not change, nor will the quantity exchanged.
