A Perfectly Competitive Market Is in Equilibrium and 100,000 Units

question 14

Multiple Choice

A perfectly competitive market is in equilibrium and 100,000 units are being produced. If three firms take over this market and a Cournot oligopoly is formed, what is the new total equilibrium quantity produced?

• A)75,000
• B)133,333
• C)100,500
• D)82,500

Differentiate between sources of underground water for energy generation.

Recognize the importance of biodiversity and the factors contributing to its loss.

Identify native species and understand the significance of native versus exotic species.

Understand the disadvantages and impacts of fossil fuel use.

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Definitions:

Thorndike

An American psychologist known for his work in the development of the theory of connectionism and contributions to educational psychology.

Operant Conditioning

The procedure of influencing the level of a behavior by the use of positive reinforcement or negative sanctions.

Law Of Effect

A principle stating that responses followed by satisfactory outcomes become more likely to occur, and those followed by unsatisfactory outcomes become less likely.

Successive Approximations

Successive approximations are a method used in behavior therapy where closer and closer steps to a desired behavior are rewarded until the target behavior is achieved.