The Long-Run Average Cost Curve Is Tangent to a Series

question 269

True/False

The long-run average cost curve is tangent to a series of short-run average total cost curves.

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Definitions:

CS

Common shorthand for "conditioned stimulus," a term from classical conditioning in psychology that refers to a previously neutral stimulus that, after association with an unconditioned stimulus, comes to trigger a conditioned response.

UCR

Unconditioned Response, an automatic response to a stimulus that does not need to be learned.

CR

In conditioning, this stands for conditioned response, which is a learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus.

Classical Conditioning

A pairing technique in behavioral learning where two stimuli are repeatedly combined; a reaction, initially instigated by the second stimulus, is finally instigated by only the first stimulus.