A Binding Price Ceiling

question 623

Multiple Choice

A binding price ceiling
(i) causes a surplus.
(ii) causes a shortage.
(iii) is set at a price above the equilibrium price.
(iv) is set at a price below the equilibrium price.

• A)(ii) only
• B)(iv) only
• C)(i) and (iii) only
• D)(ii) and (iv) only

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Definitions:

Tip-of-the-Tongue Effect

A cognitive phenomenon where a person feels certain they know something (like a word or a name) but can't retrieve it from memory at the moment.

Encoding Specificity

The hypothesis that when information is stored in memory, it is not recorded in its original form but translated (“encoded”) into a form that includes the thoughts and understanding of the learner.

Levels of Processing

A theory suggesting that the depth (shallow to deep) of mental processing affects memory recall, with deeper levels of processing leading to more durable memory traces.

Flashbulb Memory

A highly detailed and vivid memory of a significant or shocking event, as if it has been captured by a camera's flash.