If You Set Your Clock 10 Minutes Fast, It May

question 528

Short Answer

If you set your clock 10 minutes fast, it may be easier to leave the house on time in the morning since your departure is based on the time shown on the clock even though you know it is fast.This illustrates the operant conditioning principle known as __________.

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Definitions:

Benefits To Consumers

The advantages or improvements in welfare, service, or product quality experienced by consumers.

Cost To Suppliers

The total expenses incurred by suppliers in the process of producing and selling goods or services.

Externality

A consequence of an economic activity experienced by unrelated third parties; it can be either positive or negative.

Market Failure

Situations where the allocation of goods and services by a free market is not efficient, often requiring government intervention.