It Is Helpful That Local Phone Numbers Are Only Seven

question 8

Multiple Choice

It is helpful that local phone numbers are only seven digits long because seven items is the capacity of _____ memory.

• A)sensory
• B)iconic
• C)short-term
• D)long-term

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Definitions:

Marginal Cost

The additional cost incurred to produce one more unit of a good or service, highlighting the cost variations when adjusting production levels.

Fixed Costs

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.

Competitively Organized

A market structure where multiple firms compete against each other, allowing for a wide range of choices for consumers and promoting efficiency.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market with no close substitutes.