Which of the Following Statements Is Not Correct

question 349

Multiple Choice

Which of the following statements is not correct?

• A)In a long-run equilibrium, marginal firms make zero economic profit.
• B)To maximize profit, firms should produce at a level of output where price equals average variable cost.
• C)The amount of gold in the world is limited. Therefore, the gold jewelry market probably has a long-run supply curve that is upward sloping.
• D)Long-run supply curves are typically more elastic than short-run supply curves.

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Definitions:

Continuous Reinforcement

A form of learning in which a behavior is reinforced each time it is displayed, leading to a higher likelihood of the behavior occurring again.

Shaking A Rattle

An activity often used in developmental psychology studies to understand sensorimotor skills in infants.

Reinforcer

A stimulus or event that increases the likelihood of the repetition of the behavior that precedes it.

Intermittently Reinforced

A conditioning schedule where only some of the responses made are followed by reinforcement, known to produce behavior that is more resistant to extinction than continuous reinforcement.