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:

Dim Light

Low-level lighting that is not bright or glaring.

Vision

The ability to see; the sense mediated by the eyes that allows for the perception of light, color, and depth.

Vitreous Body

The transparent gel-like substance filling the eye between the lens and the retina, providing it with its spherical shape.

Aqueous Humor

A clear, watery fluid found between the lens and the cornea of the eye, providing nutrition and maintaining intraocular pressure.