Consider a Market That Is in Equilibrium

question 38

Multiple Choice

Consider a market that is in equilibrium.If it experiences an increase in demand,what will happen? The demand curve will shift to the:

• A) right, and the equilibrium price and quantity will rise.
• B) right, and the equilibrium price will increase and the equilibrium quantity will decrease.
• C) right, and the equilibrium price and quantity will fall.
• D) left, and the equilibrium price and quantity will fall.

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Definitions:

Immediate Reinforcement

The instant reward following a specific behavior, intended to increase the likelihood of that behavior being repeated.

Punishment

A consequence delivered following an undesired behavior, intended to decrease the likelihood of that behavior occurring in the future.

Delayed Partial Reinforcement

A reinforcement strategy in which not every response made by the subject is reinforced, and the reinforcement is not immediately administered.

Self-Regulation

The use of learning principles to regulate one’s own behaviour.