Suppose the Technology of Production Is Such That the Typical

question 4

Multiple Choice

Suppose the technology of production is such that the typical firm's minimum efficient scale is 1400 units per week at an average long-run cost of $9 per unit.If the total quantity demanded in this market at a price of $9 per unit is 22 million units per week,the likely result will be

• A)a cartel.
• B)price discrimination.
• C)a natural monopoly.
• D)a concentrated oligopoly.
• E)a competitive industry.

---

Definitions:

Rewards

Positive reinforcements or incentives given to encourage a particular behavior or achievement.

Behavior

The actions or reactions of an organism, often in response to external stimuli, observable through various means.

Pavlovian Approach

A learning process that involves creating an association between a naturally occurring stimulus and a previously neutral stimulus.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.