An Efficient Allocation Is Achieved When

question 101

Multiple Choice

An efficient allocation is achieved when

• A)consumers are selecting points on their demand curves.
• B)producers are selecting points on their supply curves.
• C)the sum of consumer surplus and producer surplus is maximized.
• D)all of the above
• E)none of the above

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Definitions:

Conditioned Response

A response developed from conditioning, where a formerly neutral stimulus is now associated with an unconditioned stimulus, eliciting a learned reaction.

Rescorla

A significant figure in psychology, known for his work with Robert A. Wagner on the Rescorla-Wagner model of classical conditioning, focusing on how stimuli are associated.

Unconditioned Response

A natural, automatic reaction to a stimulus that occurs without prior learning or conditioning.

Stimulus Discrimination

The ability to distinguish between different stimuli, learning to respond to one stimulus but not to similar others.