Punishment Is Particularly Useful in Situations in Which a Behavior

question 187

Multiple Choice

Punishment is particularly useful in situations in which a behavior is ________ and must be changed ________.

• A) dangerous; quickly
• B) dangerous; gradually
• C) harmless; gradually
• D) harmless; quickly

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Definitions:

Perfectly Elastic

Describes a situation in which the quantity demanded or supplied changes by an infinite amount in response to any price change, depicted as a horizontal line on a graph.

Long-run Equilibrium

A state in which all factors of production are variable, leading to a situation where firms only earn normal profits and no incentives exist for entering or exiting the industry.

Short-run Equilibrium

The condition in which the quantity supplied equals the quantity demanded at a particular price level, but only over a short period.

Purely Competitive Firm

A company operating in a market where there are many buyers and sellers, with none being able to influence the market price significantly.