Buyers Scrambled to Secure Stocks of Australian Wool Following a Forecast

question 172

Multiple Choice

Buyers scrambled to secure stocks of Australian wool following a forecast of an 11 percent decline in wool production.What happens in the Australian wool market as a result of this announcement?

• A)The demand curve for Australian wool shifts to the left in anticipation of higher prices in the future.
• B)The demand curve for Australian wool shifts to the right in anticipation of higher prices in the future.
• C)The quantity of Australian wool demanded increases in anticipation of higher prices in the future.
• D)The quantity of Australian wool demanded decreases in anticipation of lower quantities in the future.

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Definitions:

Continuous-reinforcement Phenomenon

A method of learning where a desired behavior is reinforced every time it occurs, leading to faster learning.

Extinction Effect

The gradual weakening and eventual disappearance of a conditioned response over time when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Effective Punishment

A consequence that successfully reduces the likelihood of a behavior being repeated, contingent on the behavior and appropriately administered.

Punishment

A consequence that diminishes the frequency of the behavior it follows, often used in the context of behavior modification.