A Technological Advance ________ the Long-Run Aggregate Supply Curve and ________

question 316

Multiple Choice

A technological advance ________ the long-run aggregate supply curve and ________ the short-run aggregate supply curve.

• A) shifts; shifts
• B) shifts; does not shift
• C) does not shift; shifts
• D) does not shift; does not shift

Calculate deadweight loss, consumer surplus, and producer surplus in monopoly markets.

Understand the economic rationale for government intervention in natural monopolies.

Apply economic theory to recommend regulatory policies for monopolies.

Comprehend the role of monopolistic practices in shaping market outcomes.

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Definitions:

Successive Approximations

A behavioral training process that breaks down a desired behavior into smaller steps, rewarding closer and closer approximations to the desired behavior.

Discrimination Training

A process in behavioral psychology where an individual learns to respond differently to various stimuli based on their differences.

Generalization

is the process of applying the response to one stimulus to other similar stimuli, common in both learning theory and everyday life.

Latent Learning

Learning that occurs without any obvious reinforcement and is not demonstrated until an incentive is provided.