Compared to the Short-Run Demand, the Long-Run Demand for a Resource

question 84

Multiple Choice

Compared to the short-run demand, the long-run demand for a resource is

• A) less elastic.
• B) more elastic.
• C) equally elastic.
• D) either more or less elastic; we cannot predict which.

---

Definitions:

Phonological Loop

A component of working memory model that deals with auditory information, holding and rehearsing speech-based information.

Atkinson and Shiffrin Model

A model of memory proposed by Richard Atkinson and Richard Shiffrin that describes how information flows through three stages: sensory memory, short-term memory, and long-term memory.

Rehearsal Systems

Techniques or processes used to practice or repeat information or skills to enhance memory retention or proficiency.

Maintenance Rehearsal

A cognitive process that involves repeatedly reviewing information to keep it in short-term memory for extended periods.