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.

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Definitions:

Suprematism

A type of art formulated by Kazimir Malevich to convey his belief that the supreme reality in the world is pure feeling, which attaches to no object and thus calls for new, nonobjective forms in art—shapes not related to objects in the visible world.

Pure Feeling

An unalloyed emotional state that is undiluted by rational thought, often emphasized in discussions of art, music, and poetry to denote sincere or profound emotion.

Objective Reality

The concept that objects exist and have properties independent of any observer's beliefs or perceptions.

Nightingale

A small songbird known for its powerful and beautiful song, often associated with poetry and literature as a symbol of love and longing.