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A Stimulus That Signals Whether a Certain Response or Behaviour

question 19

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A stimulus that signals whether a certain response or behaviour is likely to be followed by reward or punishment is called a


Definitions:

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced or sold.

Opportunity Cost

The significance of the most valuable opportunity sacrificed because of a decision made.

Average Total Cost

The cost of producing each unit, calculated by dividing the overall production expenses by the number of products made.

Marginal Cost

The added cost resulting from the manufacture of one more unit of a product or service.

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