In Long-Run Equilibrium, a Monopolistically Competitive Producer Achieves

question 53

Multiple Choice

In long-run equilibrium, a monopolistically competitive producer achieves

• A) neither productive efficiency nor allocative efficiency.
• B) both productive efficiency and allocative efficiency.
• C) productive efficiency but not allocative efficiency.
• D) allocative efficiency but not productive efficiency.

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Definitions:

Secondary Reinforcers

Stimuli that become reinforcing through their association with primary reinforcers, such as praise, which is not innately reinforcing but becomes so through association with positive experiences.

Positive Events

Occurrences that lead to beneficial or uplifting outcomes for individuals or groups.

Aversive Events

Unpleasant or undesirable occurrences that an individual seeks to avoid or escape from.

Positive Reinforcement

A motivational strategy in which a positive stimulus is presented after a desired behavior, increasing the likelihood of future occurrences of that behavior.