In the Short Run, a Perfectly Competitive Firm Might

question 361

Multiple Choice

In the short run, a perfectly competitive firm might

• A) set its price above marginal cost.
• B) set its price above marginal revenue.
• C) adjust the size of its fixed inputs.
• D) operate even though it is incurring an economic loss.

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Definitions:

Reinforcement Schedules

The strategies implemented in the timing and frequency of reinforcing stimuli following desired behaviors.

Commuter Trains

Trains primarily used for transporting passengers between places of residence and places of work or study.

Fixed-interval Schedule

A type of reinforcement schedule in behaviorism where rewards are delivered at consistent time intervals after a desired behavior is performed.

Taste Aversions

A learned aversion to consuming certain foods or drinks because they have been associated with an unpleasant sensation or illness.