Thando Loves Soccer and Is Able to Remember All of the Professional

question 61

Multiple Choice

Thando loves soccer and is able to remember all of the professional teams because she has mentally sorted them by division. This indicates that Thando is using ____ to help her recall the information.

• A)divergent thinking
• B)organisation
• C)abstract thinking
• D)rehearsal

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Definitions:

Economic Profits

The difference between a firm's total revenue and its total costs, including both explicit and implicit costs, representing excess earnings over the normal rate of return.

Perfectly Competitive Market

A market structure characterized by many buyers and sellers, identical products, and no barriers to entry or exit, leading to efficient price determination.

Short Run

A period in which at least one factor of production is fixed and cannot be changed.

Purely Competitive Industry

A market structure characterized by many small firms producing identical products, with no single firm able to influence market prices.