What Is the Ability to Know Something Quickly and Automatically

question 68

Multiple Choice

What is the ability to know something quickly and automatically

• A) intuition
• B) logic
• C) cognitive load shifting
• D) dual processing

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Definitions:

Constant-Cost Industry

An industry in which the input prices and production costs remain constant as the industry output changes.

Long-Run Equilibrium

A state in which all firms in an industry are producing at their minimum long-run average cost and are earning normal profits.

Units of Output

The measurable amount of goods or services produced by a company or industry.

Internal Economies of Scale

cost advantages that a firm obtains due to expansion, leading to a decrease in the average cost per unit.