Which of the Following Is True

question 81

Multiple Choice

Which of the following is true?

• A)​Economic reasoning implies that individuals will acquire all possible information about a choice before making it.
• B)​It is not rational for people to make decisions that could turn out to be mistaken.
• C)​Reducing information costs to consumers and suppliers could permit more intelligent market decisions and lead to greater satisfaction.
• D)​Occupational licensing laws generally act to protect misinformed consumers from getting shoddy services and enhances competition, leading to lower prices.

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Definitions:

Wagner

A reference to theories postulated by Robert A. Rescorla and Allan R. Wagner on conditioning processes, focusing on the associative strength between stimuli and responses.

Unconditioned Response

An automatic, natural response to an unconditioned stimulus that requires no learning.

Pavlov

A Russian physiologist best known for his work in classical conditioning, particularly with the conditioned response of salivation in dogs.

Conditioned Response

A learned reaction to a previously neutral stimulus due to repeated association with an unconditioned stimulus.