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Melvin got a new phone number at the beginning of the semester.At first,he repeated it to himself numerous times to remember it,but by the end of the semester,he easily remembers it.When he was holding the number in short-term memory at the beginning,the information is most likely ____,and once it is in his long-term memory,it is ____.
Purely Competitive Market
A market structure characterized by a large number of sellers offering identical products, where no single seller can influence the market price.
Average Fixed Cost
The costs in production that remain constant regardless of output level, when divided by the produced output quantity.
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing the excess over the firm's opportunity costs.
Purely Competitive Seller
A market participant who has no control over the price of the product it sells because the market sets the price through supply and demand.
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