Table 6-1
the Following Table Contains the Demand Schedule and Supply

question 59

Multiple Choice

Table 6-1
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.
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$$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Price } \\\text { (Dollars per unit) }\end{array} & \begin{array} { c } \text { Quantity Demanded } \\\text { (Units) }\end{array} & \begin{array} { c } \text { Quantity Supplied } \\\text { (Units) }\end{array} \\\hline 0 & 15 & 0 \\\hline 1 & 13 & 3 \\\hline 2 & 11 & 6 \\\hline 3 & 9 & 9 \\\hline 4 & 7 & 12 \\\hline 5 & 5 & 15 \\\hline 6 & 3 & 18 \\\hline\end{array}$$
-Refer to Table 6-1. How many units of the good are purchased after the imposition of the price floor?

• A)5
• B)9
• C)10
• D)15

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that consumers are willing to purchase at various prices.

Price Elasticity

The degree to which demand for an item is affected by fluctuations in its cost.

Demand

The willingness and ability of consumers to purchase goods or services at various price levels.