Using the Mnemonic ROY G

question 133

Multiple Choice

Using the mnemonic ROY G.BIV to remember the colors of the rainbow in the order of wavelength illustrates the use of

• A) the testing effect.
• B) acronyms.
• C) the spacing effect.
• D) the peg-word system.

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Definitions:

Marginal Cost Curve

A graphical representation showing how the cost of producing one additional unit of a good varies as production increases.

Industry Supply

The total amount of a product or service that all producers in a market are willing and able to sell at a given price.

Price Floor

A government-imposed limit on how low a price can be charged, usually above the equilibrium price, which can prevent the market from clearing.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or resource, usually intended to protect consumers from prices deemed excessively high.