A Buyer Is Willing to Buy 10 Units of a Good

question 214

Multiple Choice

A buyer is willing to buy 10 units of a good at a maximum price of $10 per unit.The reservation value of the buyer in this case is ________.

• A) $1
• B) $10
• C) $20
• D) $100

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Definitions:

Operant Conditioning

A learning process by which the consequences of an action affect the likelihood of its occurrence in the future, central to behavioral psychology.

Imitation

The action of using someone or something as a model and attempting to replicate their behavior, actions, or attributes.

Operant Conditioning

A teaching mechanism in which the intensity of an action is altered through positive reinforcement or negative consequences.

Classical Conditioning

An educational method where a response becomes conditioned by pairing an external trigger with an inherently occurring trigger, resulting in conditioned behavior.