An Increase in the Price of One Input

question 44

Multiple Choice

An increase in the price of one input:

• A)will always rotate the long-run total cost curve upward.
• B)may rotate the long-run total cost curve upward or may leave the long-run total cost unchanged.
• C)could actually rotate the long-run total cost downward.
• D)will have no effect on the long-run total cost curve as long as long as the firm is using positive amounts of both inputs.

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Definitions:

Postreinforcement Pause

A moment of no response or inactivity that occurs just after reinforcement in a fixed-interval schedule of reinforcement in operant conditioning.

Fixed Ratio Schedule

A reinforcement schedule in operant conditioning where a response is reinforced only after a specified number of responses, promoting a high and steady rate of responding.

Operant Conditioning

A method of learning where the intensity of a behavior is altered through rewards or penalties.

Extinction

The process whereby a conditioned response decreases in frequency and eventually disappears as a result of the conditioned stimulus being presented without the unconditioned stimulus.