Final answer:
A binding price floor set above the equilibrium price leads to price not serving as a rationing device, causes excess supply, and benefits only some sellers, hence, all of the provided statements are correct.
Step-by-step explanation:
When a binding price floor is imposed on a market, several outcomes are observed. Firstly, price no longer serves as a rationing device because the price floor is set above the equilibrium price, which disrupts the regular allocation of resources based on supply and demand. Secondly, the quantity supplied at the price floor exceeds the quantity that would have been supplied without the price floor since it prompts producers to offer more at the higher price, leading to excess supply. Lastly, only some sellers benefit because while producers who can sell their goods do so at a higher price, not all sellers will be able to sell their products due to reduced demand at that price level. Therefore, the correct answer is: d) All of the above are correct.