Table 6-4 The Following Table Contains the Demand Schedule and Supply Schedule

question 185

Multiple Choice

Table 6-4
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 $3 above the equilibrium price in this market.
-Refer to Table 6-4. Following the imposition of a price floor $3 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:

Piece of Furniture

An object in a room or establishment that is used for sitting, working, storing items, or as decoration, such as chairs, tables, or cabinets.

Legislation

The process of making or enacting laws.

Industrial Design Act

Legislation that governs the protection of original visual design elements in manufactured goods.

Wooden Coat Rack

A furniture piece made of wood designed for hanging coats and hats.