Suppose That King Kanuta Demands That Each of His Subjects

question 6

Multiple Choice

Suppose that King Kanuta demands that each of his subjects give him 1 coconuts for every coconut that they consume.The king puts all of the coconuts that he collects in a large pile and burns them.The supply of coconuts is given by S(p_s) = 100p_s, where p_s is the price received by suppliers.The demand for coconuts by the king's subjects is given by D(p_d) = 4,000 - 100p_d, where p_d is the price paid by consumers.In equilibrium, the price received by suppliers will be

• A)$24.
• B)$20.
• C)$40.
• D)$16.
• E)None of the above.

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Definitions:

Priming

A psychological technique that involves the subconscious activation of certain associations, influencing behavior and perceptions.

Retrieval

The process of getting information out of memory storage.

Rehearsal

A practice or repetition of information or skills to enhance memory retention or performance.

Spacing Effect

The tendency for distributed study or practice to yield better long-term retention than is achieved through massed study or practice.