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If a firm faces a downward-sloping demand curve
Phi Phenomenon
An optical illusion wherein stationary objects shown in rapid succession, separated by short intervals, appear to be moving.
Chunking Effect
A cognitive process that enhances memory by breaking information down into smaller, manageable units or chunks.
Primacy Effect
The tendency to remember information at the beginning of a list better than information that comes later.
Serial Position Effect
A cognitive phenomenon whereby items at the beginning and end of a list are more easily remembered than those in the middle.
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