The figure shown represents the choices and payoffs (company profits) of two music shops-MiiTunes and The Rock Shop. MiiTunes is an established business in the area deciding whether to charge its usual high prices or to charge very low prices, in the hopes that a new business will not be able to compete with these prices. The Rock Shop is trying to decide whether or not it should enter the market.If MiiTunes and The Rock Shop are faced with the choices in the figure shown, what outcome can we predict?
Definitions:
Classical Conditioning
The development of understanding through the combination of a naturally present stimulus and one from the environment.
Adaptability
The ability to change or be changed to fit varied circumstances or environments, often essential for survival, growth, and development.
Learning
The act of gaining new insights, learning, abilities, values, or inclinations by means of education, practical exposure, or instruction.
Behaviors
The actions or reactions of an individual in response to external or internal stimuli.
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