-Pizza Is a Normal Good

question 65

Multiple Choice

-Pizza is a normal good.Which figure above shows the effect of a decrease in consumers' incomes?

• A) Figure A
• B) Figure B
• C) Figure C
• D) Figure D
• E) Both Figure B and Figure C

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Definitions:

Primacy Effect

A cognitive bias that results in the enhanced recall of items or information presented at the beginning of a list or sequence.

Recency Effect

The tendency to remember the most recently presented information best when recalling a list of items.

Short-term Memory

A type of memory that holds a small amount of information in an active, readily available state for a short period of time.

Commons Dilemma

A situation in which individuals' short-term selfish interests are in conflict with long-term group interests and common good.