The Elasticity of Supply for Some Product Will Tend to Be

question 114

Multiple Choice

The elasticity of supply for some product will tend to be larger

• A)the higher is the elasticity of demand for the product.
• B)the lower is the elasticity of demand for the product.
• C)the harder it is for firms to shift from the production of this product to another.
• D)the easier it is for firms to shift from the production of this product to another.
• E)the less time firms have to adjust to price changes.

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Definitions:

Negative Reinforcement

A behavioral concept in which the removal of an undesirable or uncomfortable stimulus increases the likelihood of a behavior being repeated.

Intermittent Reinforcement

A conditioning schedule in which a reward or punishment (reinforcement) is not administered every time the desired response is performed.

Learning Perspective

View of human development that holds that changes in behavior result from experience or from adaptation to the environment.

Environment

The surrounding conditions, influences, and forces that affect the existence and development of an organism or community.