The First Few and Last Few Items in a Series

question 82

Multiple Choice

The first few and last few items in a series are more likely to be recalled than are the items in the middle,a phenomenon termed the _____ effect.

• A)primacy
• B)serial position
• C)recency
• D)ordinal relation

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Definitions:

Luxury

Goods or services that are considered non-essential but desirable, often associated with high quality and high price.

Price Elastic

The responsiveness of the quantity demanded or supplied of a good to a change in its price. High elasticity means quantity changes significantly with price changes.

Necessity

A requirement or indispensability; something that cannot be done without.

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply, measuring the percentage change in quantity demanded or supplied relative to a percentage change in price.