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Miller and Weiss's cross-sectional experiment with children of ages seven, 10, and 13 assessed selective attention. When the oldest children recalled fewer irrelevant details from the scenes, this result showed that
Long-Run Equilibrium
A state in which all factors of production and economic inputs can be fully adjusted, and all market forces are balanced.
Increase in Demand
A situation where the quantity of a good or service that consumers are willing and able to purchase at a particular price rises.
Marginal Revenue
The additional revenue that a firm gains when it sells one more unit of a product or service.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the number of units produced.
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