Stage 3 of the Social Information Processing Model Is

question 41

Multiple Choice

Stage 3 of the social information processing model is:

• A) selective attention/comprehension.
• B) encoding.
• C) simplification.
• D) storage and retention.
• E) retrieval and response.

---

Definitions:

Average-Total-Cost

The cost per unit of output, calculated by dividing the total cost (fixed and variable costs) by the total quantity produced.

Marginal-Cost

The expense associated with producing one additional unit of a good or service, critical for decision-making in business and economic policy.

Economies of Scale

The cost advantage achieved by an increase in production, leading to a reduction in expenses per unit due to more efficient use of resources.

Long-Run Average Cost

The per-unit cost of production in the long term, where all inputs are variable.