Owen Had a Typewriter Shop, but He Went Out of Business

question 135

Multiple Choice

Owen had a typewriter shop, but he went out of business because no one buys typewriters anymore. This statement best represents this economic concept:

• A)Resources are scarce.
• B)People usually exploit opportunities to make themselves better off.
• C)Markets move toward equilibrium.
• D)One person's spending is another person's income.

Recognize how discrimination and generalization occur in classical conditioning.

Understand how attitudes and behaviors can be influenced through classical conditioning.

Identify the components and processes involved in drug tolerance as an example of classical conditioning.

Understand the distinctions between classical and operant conditioning.

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Definitions:

Total Revenue

Total Revenue is the entire amount of money earned by a firm from the sale of its goods or services before any costs or expenses are deducted.

Purely Competitive Firm

A business that operates in a market where there are many sellers and buyers, the product is homogeneous, and there is free entry and exit from the market.

Units of Output

The quantity of goods or services produced by a company, industry, or economy within a specific period.

Marginal Revenues

The extra earnings accrued by selling an additional unit of a good or service.