Table 6-3 The Following Table Contains the Demand Schedule and Supply Schedule

question 243

Multiple Choice

Table 6-3
The following table contains the demand schedule and supply schedule for a market for a particular good. Suppose sellers of the good successfully lobby Congress to impose a price floor $2 above the equilibrium price in this market.
-Refer to Table 6-3. Following the imposition of a price floor $2 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $1 below the former price floor. The resulting market price is

• A)$2.
• B)$3.
• C)$4.
• D)$5.

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Definitions:

Receptor

A specialized cell or group of nerve endings that responds to specific sensory stimuli like light, sound, or chemicals, initiating a physiological response.

Peripheral Nervous System

The part of the nervous system that consists of nerves and ganglia outside of the brain and spinal cord.

Neurons

Specialized cells in the nervous system that transmit information through electrical and chemical signals.

Nerves

Bundles of fibers that transmit electrical impulses between the brain, spinal cord, and other parts of the body, facilitating communication within the nervous system.