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Buyers Scrambled to Secure Stocks of Australian Wool Following a Forecasted

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Buyers scrambled to secure stocks of Australian wool following a forecasted 11 percent decline in wool production.What will happen in the Australian wool market as a result of this announcement?


Definitions:

Extinction

In the field of psychology, the slow reduction and eventual vanishing of a learned response when the previously associated conditioned stimulus is not presented together with the unconditioned stimulus anymore.

Classical Conditioning

An associative learning framework in which a response initially evoked by a second stimulus becomes elicited by the first stimulus alone due to repeated pairings of the stimuli.

Spontaneous Recovery

The reappearance of a previously extinguished response after a period of no exposure to the conditioned stimulus.

Insight Learning

A type of learning characterized by a sudden realization of a problem's solution.

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