________ Increases Economic Efficiency Because It Forces Firms to Produce

question 83

Multiple Choice

________ increases economic efficiency because it forces firms to produce and sell goods and services as long as the additional benefit to consumers is greater than the additional cost of production.

• A)Competition
• B)Voluntary exchange
• C)Equity
• D)A centrally planned economy

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Definitions:

Sensory Register

The initial stage of memory, where sensory information is stored for a very short period of time before either being discarded or processed further.

Short-term Memory

The capacity for holding a small amount of information in an active, readily available state for a short period of time.

Chunk

A unit of information grouped together for easier processing and recall, often used in memory and learning strategies.

Recognition

The identification of something as having been previously seen, heard, known, or experienced.