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:

Pruning

The process in which the brain eliminates extra synapses, refining neural networks for more efficient functioning.

Sculpting

The art or action of creating or shaping figures or designs in materials such as clay, stone, metal, or wood.

Shaping

An operant conditioning procedure in which reinforcers guide behavior toward closer and closer approximations of the desired behavior.

Temperaments

Inherent personality traits and emotional responses present from birth.