Producers Supply Larger Quantities of Any Good at Higher Prices

question 18

Multiple Choice

Producers supply larger quantities of any good at higher prices because:

• A)prices signal product quality.
• B)higher prices attract resources from other uses.
• C)people are naturally lazy and refuse to give up their leisure.
• D)price and quantity supplied are inversely related.
• E)of the law of decreasing opportunity cost.

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Definitions:

Stimulus Generalization

The tendency for the conditioned response to be evoked by stimuli that are similar to the stimulus to which the response was initially conditioned.

Higher-Order Conditioning

A process in classical conditioning where a stimulus that was previously neutral becomes a conditioned stimulus by being paired with another conditioned stimulus.

Shaping

A method of teaching new behaviors by rewarding successive approximations toward a desired behavior.

FR Schedule

Fixed Ratio Schedule, a type of reinforcement schedule used in behavioral psychology where a response is reinforced only after a specified number of responses have occurred.