As the Number of Substitutes for a Good Increases,its Own-Price

question 3

Multiple Choice

As the number of substitutes for a good increases,its own-price elasticity becomes more

• A)Unitary
• B)Relatively elastic
• C)relatively inelastic.
• D)perfectly inelastic.

---

Definitions:

Stimulus Discrimination

The ability to distinguish between different stimuli, even if they are similar, based on learned responses.

Extinction

In psychology, the gradual weakening of a conditioned response when the reinforcement is no longer provided.

Stimulus Generalization

A psychological phenomenon in which a response that has been conditioned for one stimulus is evoked by another, similar stimulus.

Response Attenuation

The reduced reaction to a stimulus over time, typically as a result of repeated exposure.