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.

Learn the principles of commitment and reciprocity in negotiations.

Recognize the conditions and effects of using pressure tactics in negotiations.

Understand strategies for resisting influence efforts in negotiations.

Understand the concept and application of the norm of reciprocity in social interactions and negotiations.

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Definitions:

Behavior Modification

A systematic approach to changing behavior through various techniques and strategies, such as reinforcement and punishment.

Safety Gear

Equipment designed to protect individuals from accidents or injuries in various environments.

A-B-Cs

An acronym for Antecedents, Behaviors, and Consequences, a framework in behavioral analysis to understand the effect of environmental factors on behavior.

Behavior Modification

The application of reinforcement or punishment techniques to change a person's behavior.