Recall the Application About the Behavior of Prices in Retail

question 108

Multiple Choice

Recall the Application about the behavior of prices in retail catalogs to answer the following question(s) . Economist Anil Kashyap of the University of Chicago examined the prices of 12 selected goods from L.L. Bean, REI, and The Orvis Company, Inc. Kashyap tracked the prices from the companies' catalogs which were reissued every six months.
-Even though the catalogs listed in the Application were reissued every six months, the prices which were tracked in these retail catalogs

• A) were typically fixed for a year or more.
• B) changed every month.
• C) tended to fall during periods of high inflation.
• D) were not listed due to low rates of inflation.

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Definitions:

Aversive Stimulus

An unpleasant or noxious stimulus used to influence behavior through avoidance learning or negative reinforcement.

Negative Punishment

Negative punishment involves the removal of a favorable stimulus following an undesired behavior, with the intention of decreasing the likelihood that the behavior will occur again.

Positive Punishment

A behavior modification technique that involves adding an unpleasant consequence after an undesired behavior to decrease its occurrence.

Punishing Stimuli

Any stimulus that decreases the likelihood of the behavior that it follows, often used in the context of behavioral psychology and conditioning.