Figure 12-11 -Refer to Figure 12-11.Suppose the Prevailing Price Is $20 and Price

question 196

Multiple Choice

Figure 12-11

-Refer to Figure 12-11.Suppose the prevailing price is $20 and the firm is currently producing 1,350 units.In the long-run equilibrium

• A)there will be fewer firms in the industry and total industry output decreases.
• B)there will be more firms in the industry and total industry output increases.
• C)there will be fewer firms in the industry but total industry output increases.
• D)there will be more firms in the industry and total industry output remains constant.

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Definitions:

Memory Consolidation

The process by which the brain stabilizes a memory after initial acquisition, making it more enduring.

Encoding Specificity Principle

The idea that cues and contexts specific to a particular memory will be most effective in helping us recall it.

State-Dependent Memory

The theory that information learned in a particular state of mind (e.g., happy, sad, intoxicated) is more easily recalled when in the same state.

Serial Position Effect

Our tendency to recall best the last (recency effect) and first (primacy effect) items in a list.