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You have classically conditioned your 3-year-old niece to shut her eyes in anticipation of a puff of air.However,she has since learned that the CS no longer predicts the UCS and has experienced extinction.What has happened?
Total Product
The aggregate amount of goods or services generated by a business given a specific amount of resources.
Diminishing Rate
A principle stating that if one factor of production is increased while others are held constant, the incremental gains in output will eventually decrease.
Long Run
Refers to a period in economics where all factors of production can be adjusted, and all costs are variable, allowing for complete industry adjustment.
Renovate
The process of restoring or improving a building, room, or structure to make it more attractive, functional, or to bring it up to current standards.
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