ECO 1104 Chapter 4: Ch.4-Market forces of supply and demand
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16 Sep 2016
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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.
Price | Quantity Demanded | Quantity Supplied |
$0 | 15 | 0 |
$1 | 13 | 3 |
$2 | 11 | 6 |
$3 | 9 | 9 |
$4 | 7 | 12 |
$5 | 5 | 15 |
$6 | 3 | 18 |
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 market price is