Competitive Firms Decide How Much Output to Sell by Producing

question 575

Multiple Choice

Competitive firms decide how much output to sell by producing output until the price of the good equals

• A)marginal product.
• B)the value of marginal product.
• C)marginal cost.
• D)marginal profit.

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Definitions:

Operant Conditioning

A form of behavioral conditioning that adjusts the level of a behavior through the addition of positive stimuli or negative consequences.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired: a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Reinforcement

In behavioral psychology, an event that strengthens or increases the likelihood of a behavior by providing a consequence an individual finds rewarding.

Microsystem

In bioecological systems theory, the innermost level of context, which includes an individual’s immediate physical and social environment.