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What Are Sticky Prices and When Might Prices Be Sticky

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What are sticky prices and when might prices be sticky?


Definitions:

Schema

A cognitive framework or concept that helps organize and interpret information, allowing individuals to make sense of the world.

Knowledge Structure

The way in which information and knowledge are organized and stored in the mind.

Associations

Mental connections between concepts, events, or objects, which often influence memory and learning.

William James

A pioneering American psychologist and philosopher who was a leading thinker of the late 19th century, known for his work in pragmatism and functional psychology.

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