Explain the Difference Between Internal and External Reference Prices

question 53

Essay

Explain the difference between internal and external reference prices.

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Definitions:

Positive Reinforcement

A behavioral concept where a desirable stimulus is introduced following a behavior, increasing the likelihood that the behavior will occur again.

Negative Punishment

A behavior modification technique involving the removal of a desirable stimulus to decrease the likelihood of a behavior being repeated.

Positive Punishment

A method in behaviorism that involves the addition of an unfavorable outcome in order to decrease the likelihood of a behavior occurring in the future.

Negative Reinforcement

The process of increasing a behavior by removing or avoiding a negative outcome or stimulus.