Consider a Firm in the Short Run

question 12

Multiple Choice

Consider a firm in the short run. If total product is at its maximum, then

• A) average product must be falling and be equal to zero.
• B) marginal product must be greater than zero and must be falling.
• C) average product must equal marginal product.
• D) marginal product must be falling and be equal to zero.
• E) average product must be rising and must lie above marginal product.

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Definitions:

Stimulus Discrimination

The learned ability to differentiate between similar stimuli and respond only to the specific stimulus conditioned.

Instinctive Drift

The tendency for animals to revert to instinctual behaviors, overriding learned behaviors from operant conditioning.

Renewal Effect

The psychological phenomenon where previously extinguished responses reappear upon return to the original context.

Extinction

In conditioning, the process by which a conditioned response diminishes and eventually disappears following repeated exposure to the conditioned stimulus without the unconditioned stimulus.