What Does It Mean for a Good to Have a Perfectly

question 14

Essay

What does it mean for a good to have a perfectly elastic demand? Draw a demand curve of this type. Explain why it has the shape that it does.

---

Definitions:

Contingency Management

A behavior modification technique that reinforces desirable behaviors with rewards and sometimes punishes undesirable behaviors to promote behavior change.

Reciprocal Inhibition

A psychological principle that suggests the simultaneous activation of one psychological response can inhibit the occurrence of another incompatible response.

Counterconditioning

A behavior therapy technique where an undesired response to a stimulus is replaced with a desired behavior in the presence of that same stimulus.

Contingency Management

A type of behavioral therapy in which certain behaviors are reinforced through rewards or consequences to modify behavior.