If the government set a price at $16,there would be price __________,that would cause a ___________ of ______ units.

A) floor,shortage,10
B) floor,surplus,10
C) ceiling,shortage,10
D) ceiling,surplus,10

Price Floor

A government or regulatory imposed minimum price set above the equilibrium price, preventing market prices from falling below a certain level.

Price Ceiling

A legally established maximum price that can be charged for a good or service, usually set by the government.

Shortage

An instance where there is more demand for a product or service than what is available in the market.