Responding to memory pressure on Mavericks?

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On iOS we receive UIApplicationDidReceiveMemoryWarningNotification when memory gets low. Is there a similar construct for OS X applications, especially those that target Mavericks?

I know that OS X has a swap file and is perfectly able to page out memory to flash/disk. But I suppose if applications can make intelligent decisions on which memory to purge, there would be less data to page out, wouldn't it?

Just wondering since Mavericks' Activity Monitor has a "memory pressure" indicator, is there a way for applications to respond to this situation when it happens.

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