Final answer:
The replacement policy that replaces the page in memory that has not been referenced for the longest time is called the Least Recently Used (LRU) policy.
Step-by-step explanation:
The Replacement Policy in Memory Management
The replacement policy that replaces the page in memory that has not been referenced for the longest time is called the Least Recently Used (LRU) policy. In this policy, the page that has not been accessed for the longest period is evicted from memory to make space for the new page being referenced.
For example, let's say we have a memory with 4 pages and the following reference string: 1, 2, 3, 4, 1, 2, 5. Using the LRU policy, the first four pages (1, 2, 3, 4) are loaded into memory. When page 5 is referenced, we need to evict the page that has not been used for the longest time, which is page 3. Therefore, page 3 is replaced with page 5 in memory.