Markets Provide the Efficient Amount of a Good or Service

question 184

Multiple Choice

Markets provide the efficient amount of a good or service when

• A) externalities are present.
• B) monopoly exists.
• C) public goods are present.
• D) competition is present and externalities and public goods are absent.

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Definitions:

Green

A color perceived when light with a wavelength between approximately 495–570 nm is detected by the eye, commonly associated with nature and growth.

Operant Response

A behavior that is modifiable by its consequences, including reinforcement or punishment, within the context of operant conditioning.

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Reinforced

In psychology, refers to the process of strengthening a behavior by providing a consequence that will increase the likelihood of the behavior's recurrence.