Use the Following Demand and Supply Functions: Demand: Supply

question 7

Multiple Choice

Use the following demand and supply functions: Demand: Supply: Let supply remain constant; an increase in income causes consumers to be willing and able to buy 220 more units at each price than they were previously.The new equilibrium price and quantity are

• A)P = $10 and Q = 520.
• B)P = $12 and Q = 400.
• C)P = $10 and Q = 80.
• D)P = $15 and Q = 600.

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Definitions:

Semantic Memory

A type of long-term memory that involves the recall of general facts, meanings, concepts, and knowledge about the external world.

Explicit Memory

A type of long-term memory related to consciously recalling facts and experiences.

Implicit Memory

A type of long-term memory that does not require conscious thought to retrieve, often involving skills and routine procedures that are performed automatically.

Prospective Memory

The facet of memory tasked with remembering to undertake planned actions or bringing to mind intended future activities.