Which of the Following Causes a Shortage of a Good

question 181

Multiple Choice

Which of the following causes a shortage of a good?

• A)a binding price floor
• B)a binding price ceiling
• C)a tax on the good
• D)None of the above is correct.

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Definitions:

Medieval Period

A historical era in Europe spanning roughly from the 5th to the late 15th century, characterized by feudalism, the rise of Christianity, and the first universities.

Reformation

A religious movement in the 16th century that led to the establishment of Protestantism and significant changes in the practices and beliefs of the Catholic Church.

Commercial Revolution

A period of European economic expansion, colonialism, and mercantilism from the 16th to the 18th century, which changed the world's trade networks.

Imperialism

A policy or practice by which a country extends its power and dominion over other nations or territories through colonization, military conquest, or economic domination.