The Principle of Minimum Differentiation Reflects the

question 126

Multiple Choice

The principle of minimum differentiation reflects the

• A) attempt to minimise the free- rider problem.
• B) tendency for firms to produce at minimum marginal cost in order to compete with one another.
• C) concept of minimising the difference between total benefit and total cost to produce efficiently.
• D) tendency for political parties to make themselves identical to appeal to the median voter.

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Definitions:

Psychologists

Professionals who study mental processes and behavior, often helping individuals deal with emotional and mental disorders.

Secondary Reinforcers

Stimuli that have no inherent value but have acquired reinforcing qualities through their association with primary reinforcers.

Coins

Metal pieces issued by a government as money, typically round in shape and used as a medium of exchange for goods and services.

Blue Ribbon

A symbol of high quality or achievement, often awarded in competitions.