Suppose the price elasticity of demand for cigarettes is less than one . When an excise tax is imposed on cigarette production , it changes the price , quantity , and consumer spending in which of the following ways ? Which of the following is true of a price floor ? To be an effective floor , it must be set above the equilibrium price .,An effective floor creates a shortage of the good .,The price floor shifts the supply curve of the good to the right .,The price floor shifts the demand curve to the left