The Demand for Commodity X Is Represented by the Equation

question 159

Multiple Choice

The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q.Refer to the above information.After the change in demand, the new equilibrium quantity is:

• A)10
• B)20
• C)15
• D)30

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Definitions:

Series-Completion

A cognitive task where individuals must identify the missing part in a sequential pattern.

Mental Set

A psychological tendency to approach situations in a certain way based on previous experiences and context, which can sometimes inhibit problem-solving.

Functional Fixedness

A mindset that limits an individual's use of an object to its conventional purpose alone, inhibiting their capacity for innovation and solving challenges.

Functional Fixedness

A cognitive bias that limits a person's ability to use an object only in the way it is traditionally used, hindering problem-solving.