Economists Robert Jensen and Nolan Miller Reasoned That to Be

question 265

Multiple Choice

Economists Robert Jensen and Nolan Miller reasoned that to be a Giffen good, with an income effect larger than its substitution effect, a good must be ________ and make up a ________ portion of a consumer's budget.

• A)a normal good; very small
• B)an inferior good; very small
• C)a normal good; very large
• D)an inferior good; very large

---

Definitions:

Dollar Value

Refers to the worth of an item, product, or service expressed in terms of the amount of money that it can be bought or sold for in the market.

Differential Reinforcement

The process of reinforcing one response from a response class and neglecting to reinforce all other members of that class.

DRO

A behavior modification strategy that involves delivering reinforcement only when a specific undesired behavior has not occurred during a designated period.

DRA

Differential Reinforcement of Alternative behavior, a technique used to encourage positive behaviors while extinguishing undesired ones by reinforcing an alternative action.