Use the Figure Below to Answer the Following Questions

question 41

Multiple Choice

Use the figure below to answer the following questions.

Figure 12.4.2
-Refer to Figure 12.4.2, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market

• A)demand will increase.
• B)demand will decrease.
• C)supply will increase.
• D)supply will decrease.
• E)supply and market demand will decrease.

Understand the impact of taxes on consumption and environmental pollution.

Recognize the characteristics of mixed economies.

Identify examples and types of government and market failures.

Comprehend the motivations of politicians and the effects of government actions on education systems.

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Definitions:

Higher-Order Conditioning

A form of learning where a stimulus is paired with a previously conditioned stimulus, causing the new stimulus to elicit the conditioned response without a direct association.

Extinction

In psychology, the process through which a conditioned response diminishes and eventually disappears as a result of the conditioned stimulus being presented without the unconditioned stimulus.

Conditioned Response

The learned response to a previously neutral stimulus that has become associated with an unconditioned stimulus in classical conditioning.

Food

Any nutritious substance that people or animals eat or drink to maintain life and growth.