Which of the following is a limitation that affects production capacity?

Shortage of raw materials is indeed a significant limitation that affects production capacity. When a company is unable to secure the necessary raw materials required for manufacturing its products, it faces direct constraints in its ability to produce goods. This limitation leads to reduced output, delays in production schedules, and potentially an inability to meet customer demand. The flow of production relies heavily on the availability of these inputs, and any disruption in that supply chain can severely hamper overall productivity.

Options like economic recession, high demand for the product, and high levels of customer satisfaction may impact a company's operations in various ways but do not inherently limit production capacity as directly as a shortage of raw materials. Economic recessions often lead to decreased demand which can lower production levels, but that does not restrict the capacity itself. High product demand might encourage increased production but can only be fulfilled if material resources are available. Similarly, high customer satisfaction does not affect capacity; rather, it is a positive outcome of efficient production processes.