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.