Compared to a Monopolistic Competitor, a Monopolist Produces a Good

question 9

Multiple Choice

Compared to a monopolistic competitor, a monopolist produces a good with __________ substitutes and so has a __________ elastic demand curve.

• A)fewer; more
• B)fewer; less
• C)more; more
• D)more; less

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Definitions:

Reflexive Behaviors

Automatic responses or actions without conscious thought, often as a result of stimuli or habits.

Operant Behaviors

Behaviors that are controlled or influenced by their consequences, including rewards and punishments.

Changing The Consequences

Changing the consequences involves altering the outcomes or repercussions of actions in order to influence behavior, often implemented to encourage positive behavior or deter negative actions.

Primary Reinforcer

A naturally reinforcing item or outcome, such as food or water, that does not require learning to be desirable.