Final answer:
The sculpture "Shiva as Lord of Dance (Nataraja)" was produced during the Chola Dynasty, not during the Gupta Dynasty, Maurya Dynasty, or Mughal Dynasty.
Step-by-step explanation:
The sculpture "Shiva as Lord of Dance (Nataraja)" was produced during the Chola Dynasty. This period is renowned for its remarkable advancements in bronze sculpture, particularly of Hindu deities. The Chola Dynasty, which came to power after the fall of the Gupta Empire, was particularly known for its patronage of the arts, including literature and sculpture. While the Gupta Dynasty did see a significant amount of artistic creation, including depictions of Hindu gods and the institutionalization of Hinduism, it is not credited with the creation of the Nataraja sculptures. Instead, it was during the Chola period that the iconic form of Nataraja emerged as a symbol of cosmic dance and a representation of Hindu theology.