After an Unexpected Increase in the Price of Oil, the Long-Run

question 99

Multiple Choice

After an unexpected increase in the price of oil, the long-run adjustment ________ the price level and ________ the unemployment rate as they return to their original levels.

• A)increases; increases
• B)increases; decreases
• C)decreases; increases
• D)decreases; decreases
• E)remains constant; increases

Understand cognitive approaches to learning and how they differ from behavioral approaches.

Identify the effects of self-efficacy on learning and performance in organizational settings.

Differentiate between primary and secondary reinforcers in the context of reinforcement theory.

Comprehend the relationship between reinforcement and rewards in motivating employees.

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Definitions:

Skimming Pricing

A pricing strategy where a new product is priced high initially to maximize profits from customers willing to pay more, before lowering the price over time.

Similar Goods

Similar goods are products that satisfy the same customer needs or desires and are often considered by consumers as interchangeable with each other.

Gradually Lowering

The process of slowly decreasing or reducing something over time.

Competitive Pricing

A pricing strategy where a company sets its product or service prices based on the prices of competitors, aiming to provide more value to customers.