Option 1: Consumers -> Floor prices result in higher prices, which harm consumers.
Option 2: Producers -> Floor prices ensure minimum income by setting a price above equilibrium, protecting producers.
Option 3: Both consumers and producers -> Incorrect, as consumers pay more under floor prices.
Option 4: Government -> Floor prices are not meant for government welfare.
Hence, Option 2: Producers -> Floor prices (or price floors) are minimum prices set by the government above the market equilibrium price. They are designed to protect producers by ensuring they receive at least a certain minimum price for their goods or services. Common examples include minimum wage laws (protecting workers) and agricultural price supports (protecting farmers). While producers benefit, consumers typically face higher prices and reduced quantity in the market. -> correct