Economists Use the Term ______ to Refer to the Ability

question 22

Short Answer

Economists use the term ______ to refer to the ability of a single person (or a small group) to have a substantial influence on market prices.

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Definitions:

Shaping

A method of training by which successive approximations towards a desired behavior are reinforced.

Fixed Interval

In the context of operant conditioning, a schedule of reinforcement where rewards are delivered at fixed time intervals, provided the correct response is made.

Variable Interval

A reinforcement schedule in which reinforcements are given after unpredictable time durations.

Fixed Ratio

A schedule of reinforcement where a response is only reinforced after a specified number of responses.