Which of the Following Increases the Equilibrium Price of a Used

question 458

Multiple Choice

Which of the following increases the equilibrium price of a used car and decreases the equilibrium quantity?

• A) new federal legislation that raises the legal driving age to twenty-four in all states
• B) a new fee that used car dealers must pay to the government on all sales of used cars
• C) an announcement by the U.S. Attorney General that the windows on older cars were made with cheaper glass that can explode at high speeds
• D) All of the above because each is consistent with the ʺlaw of demand.ʺ

Distinguish between positive, negative reinforcement, and punishment.

Recognize the significance of stimulus generalization and stimulus discrimination.

Understand the process and effects of observational learning.

Grasp the concept of higher-order conditioning.