The Tendency to Recall the First and Last Items in a List

question 345

Multiple Choice

The tendency to recall the first and last items in a list better than the middle items is known as

• A) the serial position effect.
• B) implicit memory.
• C) memory consolidation.
• D) flashbulb memory.

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Definitions:

Average Variable Cost

Calculated by dividing the total variable costs by the quantity of output produced, representing the variable cost per unit of output.

MR = MC

The condition where marginal revenue equals marginal cost, often used to determine the profit-maximizing output level for a firm.

Total Revenue

The entire amount of income received by a company from its sales of goods or services before any expenses are subtracted.

Marginal Cost Curve

A graphical representation showing how the cost of producing one more unit of a good varies as the volume of production increases.