The Allocative Function of Price Cannot Operate Unless There Is

question 18

Multiple Choice

The allocative function of price cannot operate unless there is:

• A)a significant barrier to entry.
• B)both free entry and free exit.
• C)either free entry or free exit.
• D)neither free entry no free exit.

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Definitions:

Cognitive Component

involves the thoughts, beliefs, and knowledge a person has about a situation, object, or concept.

A-B-C Model

A framework in psychology that describes the relationships between an Antecedent (A), Behavior (B), and Consequence (C).

Behavior Modification

The use of empirically demonstrated techniques to improve behavior, often by changing the environmental cues and consequences associated with the behavior.

Contingency of Reinforcement

A concept in behavior analysis that describes how the timing and frequency of reinforcement strategies can influence behavior.