The Process by Which Information Is Transferred from Workbench Memory

question 28

Multiple Choice

The process by which information is transferred from workbench memory to long-term memory for permanent storage is known as _____.

• A) retrieval
• B) chunking
• C) tagging
• D) encoding
• E) tracing

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Definitions:

Consumer Surplus

The difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they do pay.

Marginal Utility

The additional satisfaction or utility that a consumer receives from having one more unit of a good or service.

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service versus what they actually pay.