Why Does a Shortage That Occurs Under a Binding Price

question 13

Multiple Choice

Why does a shortage that occurs under a binding price ceiling increase over time?

• A) Demand becomes more elastic.
• B) Demand becomes more inelastic.
• C) Demand and supply both become more elastic.
• D) Demand and supply both become more inelastic.
• E) Demand becomes more elastic,but supply becomes more inelastic.

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Definitions:

Suprachiasmatic Nucleus

A small region in the brain’s hypothalamus responsible for controlling circadian rhythms, which are the body's internal biological clock.

Pineal Gland

A small endocrine gland in the brain that produces melatonin, a hormone that regulates sleep-wake cycles.

Melatonin

A hormone produced by the pineal gland that regulates sleep and wakefulness cycles.

Hormone

A chemical substance produced in the body that serves as a messenger, regulating and coordinating various physiological activities.