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:

Disengaged Voters

Individuals who choose not to participate in elections or the political process, often due to apathy, dissatisfaction, or a feeling of disenfranchisement.

Logrolling

In politics, a practice where two or more parties agree to vote for each other's proposed bills or initiatives, though it can also refer to the exchange of favors or quid pro quo among legislators.

Majority Rule Voting

Majority rule voting is a decision-making process where the option that receives more than half of the votes cast is chosen.

Majority-Rule Voting

A voting system where the option that receives more than half of the votes wins.