Describe the Process That Would Occur in the Long Run

question 144

Essay

Describe the process that would occur in the long run in a competitive industry if there were economic profits. Illustrate this with a diagram.

---

Definitions:

Conditional Punishment

Rendering a consequence that reduces the likelihood of a behavior occurring in the future by associating it with an aversive outcome.

Primary Reinforcement

A naturally reinforcing stimulus, such as food or water, which fulfills a biological need.

Secondary Reinforcement

A process in behaviorism where a stimulus reinforces a behavior after it has been associated with a primary reinforcer, often taking the form of social approval, tokens, or money.

Shaping

A method used in behavioral psychology to teach new behaviors by reinforcing successive approximations toward a desired behavior.