In an Unregulated, Competitive Market, Consumer Surplus Exists Because Some

question 15

Multiple Choice

In an unregulated, competitive market, consumer surplus exists because some:

• A) sellers are willing to take a lower price than the equilibrium price.
• B) consumers are willing to pay more than the equilibrium price.
• C) sellers will only sell at prices above equilibrium price (or actual price).
• D) consumers are willing to make purchases only if the price is below the actual price.

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Definitions:

Conditioned Stimulus

An initial neutral cue that, once linked with an unconditioned stimulus, gradually leads to a conditioned response.

Conditioned Response

A learned response to a previously neutral stimulus that has become conditioned by being paired with an unconditioned stimulus.

Habituation

A psychological learning process wherein there is a decrease in response to a stimulus after being repeatedly exposed to it.

Acquisition Behavior

A behavioral psychology term referring to the process of learning new behaviors, often through conditioning.