Compared to a Single- Price Monopoly, the Output of a Competitive

question 114

Multiple Choice

Compared to a single- price monopoly, the output of a competitive market with the same costs

• A) is the same as the monopoly's output.
• B) could be more than, less than, or equal to the monopoly's output.
• C) is less than the monopoly's output.
• D) is more than the monopoly's output.

---

Definitions:

Extinction

The gradual weakening and disappearance of a conditioned response tendency because the response is no longer reinforced.

Conditioned Stimulus

In classical conditioning, a previously neutral stimulus that, after becoming associated with an unconditioned stimulus, eventually comes to trigger a conditioned response.

Unconditioned Stimulus

A stimulus that naturally and automatically triggers a response without prior conditioning.

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.