Examlex
"Responses followed by a satisfying effect are strengthened and likely to occur again in a particular situation, but responses followed by a dissatisfying effect are weakened and less likely to occur again in a particular situation." What principle does this statement describe?
Production
The process of creating goods or services using inputs like labor, capital, and raw materials.
Bounded Rationality
The concept that decision-making is limited by the information, cognitive limitations, and time constraints.
Opportunity Cost
The cost of foregone alternatives when one option is chosen over another, essentially the benefits you could have received by taking an alternative action.
Marginal Benefit
The increased benefit derived from the utilization of one more unit of a good or service.
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