Table 5.6 -Refer to Table 5.6.The Equations Above Describe the Demand and the Demand

question 96

Multiple Choice

Table 5.6
-Refer to Table 5.6.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units.What is the value of consumer surplus?

• A)$100 thousand
• B)$200 thousand
• C)$600 thousand
• D)$800 thousand

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Definitions:

Successive Approximation

A method in behaviorism used to shape complex behaviors by rewarding behaviors that are progressively closer to the target behavior.

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response.

Acquisition

In psychology, acquisition refers to the initial stage of learning or conditioning during which a response is established.

Generalization

The process of formulating general concepts by abstracting common properties of instances.