The Organization of Individual Items into Larger Familiar Units Is

question 86

Multiple Choice

The organization of individual items into larger familiar units is called

• A) the spacing effect.
• B) chunking.
• C) long-term potentiation.
• D) the peg-word system.

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Definitions:

Economic Profit

The differential tally between gross receipts and total obligations, including costs both acknowledged and undeclared.

Average Variable Cost

The total variable cost per unit of output, calculated by dividing total variable costs by the quantity of output.

MR = MC

Marginal Revenue equals Marginal Cost; a condition used to determine the profit-maximizing level of output for a firm.

Profit-maximizing Quantity

The level of output at which a business realizes the greatest profit, where marginal cost equals marginal revenue.