If, for a Perfectly Competitive Firm, Price Exceeds the Marginal

question 36

Multiple Choice

If, for a perfectly competitive firm, price exceeds the marginal cost of production, the firm should

• A)increase its output.
• B)reduce its output.
• C)keep output constant and enjoy the above normal profit.
• D)lower the price.

Explain the concept of preparedness in learning and its biological basis.

Apply the principles of operant conditioning to real-life scenarios.

Analyze the impact of modeling and mimicking behaviors in social learning.

Comprehend the consequences of punishment and its effectiveness in altering behavior.

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Definitions:

Habituation

A psychological process where there is a decrease in response to a stimulus after being repeatedly exposed to it.

Higher-order Conditioning

A process where a conditioned stimulus is paired with a new neutral stimulus, causing the new stimulus to also elicit the conditioned response.

Modeling

A process in social learning theory where individuals learn behaviors, attitudes, or emotional reactions through observing others.

Sensitization

An increase in behavioral response after exposure to a stimulus, often leading to an exaggerated response to a later stimulus.