How Many Chefs Will Work in the Fancy Restaurant

question 29

Multiple Choice

How many chefs will work in the fancy restaurant?

• A) 4 workers
• B) 8 workers
• C) 12 workers
• D) 14 workers
• E) 16 workers

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Definitions:

Price Ceiling

A cap set by authorities on the maximum price for a good or service, aimed at safeguarding consumers.

Price Floor

A minimum price set by the government or other agency, below which a product cannot legally be sold.

Shortage

A situation where the demand for a product or service exceeds the supply available.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at a given price.