The Demand Function for Abalone Is Q = 30 -

question 41

Multiple Choice

The demand function for abalone is q = 30 - 9p and the supply function is q = 6p. Suddenly the yuppies discover abalone. The quantity demanded at every price doubles. The supply function, however, remains the same as before. What is the effect on the equilibrium price and quantity?

• A) The price doubles and the quantity remains constant.
• B) The quantity doubles and the price remains constant.
• C) Both price and quantity double.
• D) Both price and quantity increase but neither doubles.
• E) None of the above.

Understand the categorization of medical items based on the required level of sterilization or disinfection.

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Apply recording transactions under both perpetual and periodic inventory systems.

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Definitions:

Conditioned Response

The learned response to a previously neutral stimulus that has been repeatedly presented along with an unconditioned stimulus.

Preparedness

The state of being readily equipped or in a state of readiness to confront and deal with various situations or challenges.

Survival Value

The extent to which a trait or behavior increases an organism's chances of surviving and reproducing in its environment.

Latent Learning

Learning that occurs without any obvious reinforcement of the behavior or associations that are learned until there is a reason to demonstrate it.