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In their experiment on place learning, Tolman, Ritchie, and Kalish (1946) found that:
Quantity Supplied
The volume of goods or services that manufacturers are ready and capable of selling at a certain price during a particular period.
Perfectly Inelastic
A situation in demand where the quantity demanded does not change regardless of the price level.
Equilibrium Price
The price at which the quantity of a good or service demanded equals the quantity supplied, clearing the market.
Coefficient
A numerical or constant factor in a mathematical expression that multiplies the variable it is associated with.
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