The Act of Using a Word, on the Basis of Some

question 331

Multiple Choice

The act of using a word, on the basis of some shared feature, to apply to a broader range of objects is called

• A) overextension.
• B) overregularization.
• C) telegraphic speech.
• D) underextension.

---

Definitions:

Profit-Maximizing

A strategy or objective of firms to adjust their production and pricing to achieve the highest possible profit.

Long-Run Demand Curve

Illustrates how the quantity of a good demanded changes over time as all economic factors, including production technologies and preferences, can adjust.

Monopolistically Competitive

A market structure where many firms sell products that are similar but not identical, allowing for some differentiation and price control.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good demanded, typically downward sloping, indicating that demand increases as price decreases.