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Explain how a specific phobia could be acquired through classical conditioning, being sure to identify the unconditioned stimulus, unconditioned response, conditioned stimulus, and conditioned response in the example. Also, indicate how the phobia could be extinguished using classical conditioning.
Price Floor
A government-imposed limit on how low a price can be charged, usually above the equilibrium price, which can prevent the market from clearing.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource, usually intended to protect consumers from prices deemed excessively high.
External Benefits
Benefits derived from a product or service that affect parties who did not choose to incur that benefit.
Efficient Level
The optimal point of operation where resources are used in such a way that maximizes productivity and minimizes waste.
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