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

question 37

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 shortage is

• A)0 units.
• B)2 units.
• C)5 units.
• D)7 units.

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Definitions:

Semantic Memory

A type of long-term memory that involves the capacity to recall words, concepts, or numbers, which is essential for the understanding and use of language.

Episodic Memory

A type of long-term memory that involves the recollection of specific events, situations, and experiences.

Mnemonic Device

A mnemonic device is a technique used to aid memory recall through patterns, rhymes, acronyms, or visualizations.

Sensory Memory

The capacity to maintain sensory information impressions after the initial stimuli are no longer present, representing the memory's most brief-term component.