The Tendency of People to Remember Factual Information by Routinely

question 151

Multiple Choice

The tendency of people to remember factual information by routinely organizing the information into categories is referred to as

• A) clustering.
• B) chunking.
• C) spreading activation.
• D) source monitoring.

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Definitions:

Long-run Supply Curve

A graphical representation showing the relationship between price and quantity supplied over a longer period, when all inputs can be varied.

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied changes by an infinite amount in response to any price change, depicted as a horizontal line on a graph.

Long-run Equilibrium

A state in which all factors of production are variable, leading to a situation where firms only earn normal profits and no incentives exist for entering or exiting the industry.

Short-run Equilibrium

The condition in which the quantity supplied equals the quantity demanded at a particular price level, but only over a short period.