The Table Gives Data for a Purely Competitive Firm

question 154

Multiple Choice

The table gives data for a purely competitive firm. The market price of the product in the short run is

• A)$80.
• B)$120.
• C)$40.
• D)$160.

---

Definitions:

Extinction

In a behavioral context, extinction is the process of reducing or eliminating a learned response, typically by no longer providing the reinforcement that maintained the behavior.

Behavioral Modeling

The process of learning how to act or behave by observing and imitating the actions of others, often used in organizational training and development.

Self-Reinforcement

The process of rewarding oneself to reinforce desired behavior or achievements.

Behavior Modification

Behavior modification is a treatment approach, based on the principles of operant conditioning, that replaces undesirable behaviors with more desirable ones through positive or negative reinforcement.