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:

Erythrocytes

Red blood cells which are responsible for carrying oxygen from the lungs to the body tissues and carbon dioxide as a waste product away.

Blood Platelets

Tiny blood cells that play a critical role in clotting, helping to stop bleeding by clumping and forming plugs in blood vessel injuries.

Red Blood Cells

Cells in the blood that transport oxygen from the lungs to the body tissues and carbon dioxide as a waste product back to the lungs.

Psychological Hardiness

A personality characteristic characterized by resilience and the ability to cope effectively with stress.