Without Correction, the Quantity of a Common Resource That Is

question 60

Multiple Choice

Without correction, the quantity of a common resource that is exchanged will occur where:

• A)the marginal social benefit of additional consumption exceeds the marginal social cost of additional production.
• B)the marginal social benefit is equal to the marginal social cost.
• C)the marginal social benefit of additional consumption is less than the marginal social cost of additional production.
• D)the marginal social benefit is zero.

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Definitions:

Variable Interval

A schedule of reinforcement where a response is rewarded after an unpredictable amount of time has passed, in operant conditioning.

Variable Ratio

A reinforcement schedule in operant conditioning where a response is reinforced after an unpredictable number of responses.

Fixed Interval

A type of reinforcement schedule in operant conditioning where rewards are provided after a specific, constant amount of time has passed.

Fixed Ratio

Fixed ratio denotes a schedule of reinforcement where a response is reinforced only after a specified number of responses have occurred.