A Monopolist Will Not Change Its Current Behavior

question 253

Multiple Choice

A monopolist will not change its current behavior

• A) even if total revenue does not cover variable costs.
• B) unless it earns positive economic profits in the long run.
• C) unless demand is greater than marginal revenue.
• D) if it earns positive economic profits in the long run.

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Definitions:

Eyeblink Response

A reflex action where the eyelids close rapidly to protect the eyes, typically triggered by sudden stimuli.

Guthrie

Refers to Edwin Ray Guthrie, a psychologist known for his "one-trial learning" theory, proposing that learning occurs in a single association between stimulus and response.

Single Trial

A learning process that occurs or is influenced significantly by one instance or exposure, often used in the context of memory or conditioning studies.

Incompatible Stimuli Method

A technique used in behavior modification where a behavior that is undesired is matched with an incompatible response in order to reduce or eliminate it.