In a Competitive, Constant Cost Industry

question 184

Multiple Choice

In a competitive, constant cost industry:

• A) there is no entry or exit.
• B) demand never changes.
• C) supply is inelastic.
• D) the long-run price is constant.

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Definitions:

Automatic Processing

Unconscious encoding of incidental information, such as space, time, and frequency, and of well-learned information, such as word meanings.

Conscious Awareness

The state of being aware of and able to think about one's own existence, sensations, thoughts, and environment.

Iconic Memory

A momentary sensory memory of visual stimuli; a photographic or picture-image memory lasting no more than a few tenths of a second.

Encoding

The process of converting information into a form that can be stored in memory.