Define the Following Terms and Explain Their Importance to the Study

question 108

Essay

Define the following terms and explain their importance to the study of economics.
a.pure monopoly
b.barriers to entry
c.patent
d.natural monopoly
e.sunk costs

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Definitions:

Desirable Behaviour

Actions or conduct that are considered preferable or appropriate within a given social or organizational context.

Reward

A reward is a benefit or recognition provided to someone for their performance, achievement, or behavior, aiming to motivate and encourage specific actions or outcomes.

Contingent Reinforcement

A form of behavior modification where the delivery of reward or punishment depends on the occurrence of a specific behavior.

Positive Reinforcement

A technique used in behavior management that involves giving a reward to encourage the repetition of a desirable behavior.