Elaboration Is Important Because It Promotes

question 90

Multiple Choice

Elaboration is important because it promotes:

• A)a distinctive memory record
• B)a strong recency effect
• C)a strong primacy effect
• D)efficient storage

---

Definitions:

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy entry and exit from the market.

Long Run

A period in which all factors of production and costs are variable, enabling full adjustment to change.

Short Run

A period in which at least one input in the production process is fixed, and only some inputs can be adjusted by firms.

Decreasing Costs

A situation where the total cost of production decreases as the volume of production increases.