If price was set by the government at $4,there would be a price _____________,that would cause a ___________ of _______ units.

A) floor,surplus,8
B) floor,surplus,10
C) ceiling,shortage,8
D) ceiling,shortage,12
E) ceiling,shortage,14

Price Floor

A price floor set by a government or an organization, establishing the minimum price that can be charged for a good, service, or resource.

Price Ceiling

A cap set by authorities on the maximum price that can be asked for a good or service.

Shortage

Occurs when the demand for a product or service exceeds its supply in a given market, often leading to increased prices.