Table 17-2

question 55

Multiple Choice

Table 17-2. The table shows the town of Pittsville's demand schedule for gasoline. For simplicity, assume the town's gasoline seller(s) incur no costs in selling gasoline.

-Refer to Table 17-2.If the market for gasoline in Pittsville is perfectly competitive,then the equilibrium price of gasoline is

• A) $8 and the equilibrium quantity is 200 gallons.
• B) $5 and the equilibrium quantity is 500 gallons.
• C) $2 and the equilibrium quantity is 800 gallons.
• D) $0 and the equilibrium quantity is 1,000 gallons.

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Definitions:

Metamemory

An individual's awareness and understanding of their own memory capabilities and strategies.

Memorization

The process of committing something to memory through repetition.

Joint Attention

Individuals focusing on the same object or event; requires the ability to track another’s behavior, one person directing another’s attention, and reciprocal interaction.

Memory Skills

The cognitive abilities that allow one to store, retain, and recall information and experiences.