Regarding the Exceptional Memory of Steve Described in the Textbook

question 605

Multiple Choice

Regarding the exceptional memory of Steve described in the textbook, which of the following statements is FALSE?

• A)Steve's exceptional memory seemed to be based on highly practiced strategies of encoding and storing digits.
• B)After 20 months of practice, Steve was able to memorize approximately 80 digits.
• C)Steve's short-term memory improved through this intensive practice.
• D)Before he began practicing long lists of digits, Steve had a normal memory for digits.

---

Definitions:

Firm's Profit

The financial gain a company achieves when its total revenues exceed the total costs incurred in conducting its business activities.

Efficient Scale

The level of production at which the average total costs of production are minimized.

Long-Run Equilibrium

A state in which economic forces such as supply and demand are balanced, and in the context of production, all inputs, including prices and wages, can be adjusted.

Free Entry

A market condition where there are no barriers for new competitors to enter the market and compete with existing firms.