As Long as Economic Losses Are Being Incurred in an Industry

question 113

Multiple Choice

As long as economic losses are being incurred in an industry, firms will ________ the industry and the supply curve will shift to the ________.

• A) enter; right
• B) enter; left
• C) exit; left
• D) exit; right

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Definitions:

B.F. Skinner

Regarded as one of the most influential psychologists, Skinner is known for his work in behaviorism and the development of the operant conditioning theory.

Psychology

The systematic investigation of mental activities and behaviors.

Cognitive Approach

An approach to psychology emphasizing the mental processes involved in knowing: how we direct our attention, perceive, remember, think, and solve problems.

Behavioral Approach

A psychological perspective emphasizing the study of observable behaviors and the effects of learning on behavior.