Exhibit 3-17 Refer to Exhibit 3-17

question 27

Multiple Choice

Exhibit 3-17 Refer to Exhibit 3-17.  At a price of $20, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________.  This would push the price __________ the equilibrium price.

• A)greater; fall; toward
• B)greater; rise; toward
• C)less; fall; toward
• D)less; rise; away from
• E)less; fall; away from

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Definitions:

Operant Responding

A behavior modification process through which the strength of a behavior is modified by reinforcement or punishment.

Negative Reinforcement

A behavioral concept where the removal of an adverse stimulus strengthens a behavior or increases its likelihood of being repeated.

Operant Conditioning

A process of instruction where behaviors are adjusted by the application of reinforcements or deterrents.

Learned Association

The process by which two pieces of information, or a behavior and a response, are linked together through conditioning.