Price	Quantity Demanded	Quantity Supplied
$28	320	380
$26	340	370
$24	360	360
$22	380	350
$20	400	340

Use the table of information. Which of the following statements is (are) correct?

(x) If sellers of the good successfully lobby Congress to impose a price floor $4 above the equilibrium price in this market, then the quantity sold would decrease by 40 units.

(y) Following the imposition of a price floor that was $4 above the equilibrium price, irate buyers convince Congress to repeal the price floor. In response Congress acted to impose a price ceiling $2 below the former price floor. As a result, the new market price is $24.

(z) Following the imposition of a price floor $4 above the equilibrium price, irate buyers convince Congress to repeal the price floor and to impose a price ceiling $2 below the former price floor. As a result, the market will experience a chronic shortage of 30 units.

Select one:

A.

(x), (y) and (z)

B.

(x) and (y) only

C.

(x) and (z) only

D.

(y) and (z) only

E.

(x) only