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If a firm is in a perfectly competitive world but decides to charge a higher price than its competitors,
Attention
The cognitive process of selectively concentrating on one aspect of the environment while ignoring other stimuli.
Distractions
Anything that diverts an individual's attention from their desired focus, often leading to a reduction in performance or productivity.
Short-Term Memory
Limited-capacity memory system in which information is usually retained for up to 30 seconds, assuming there is no rehearsal of the information. Using rehearsal, individuals can keep the information in short-term memory longer.
Rehearsal
A cognitive process in which information is repeated or reviewed in the mind to aid in its retention or memorization.
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