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

question 347

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 shortage is

• A)0 units.
• B)4 units.
• C)5 units.
• D)10 units.

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Definitions:

Check Register

A record of financial transactions, especially checks written and deposits made, in a checking account.

Deposit

A sum of money placed into an account or with a financial institution as a part of a transaction or for safekeeping.

Check Register

A record book or a ledger that tracks all the checks written, deposits made, and current balance of a checking account.

Deposit

A deposit is a sum of money placed into an account or given as security for a financial transaction.