Refer to the Accompanying Figure to Answer the Following Questions

question 148

Multiple Choice

Refer to the accompanying figure to answer the following questions.

-If a firm is producing a quantity of 100 and charging a price of $25,it

• A) should raise production to 150 units but lower the price to $10 to maximize profits.
• B) should raise production to 150 units and continue to charge $25 to maximize profits.
• C) should keep production at 100 units but lower the price to $13 to maximize profits.
• D) should keep production at 100 units and lower the price to $10 to maximize profits.
• E) is already maximizing profits and should not change the price or quantity produced.

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Definitions:

Reinforcement

A process in operant conditioning where a behavior is encouraged or strengthened by a consequence that follows it.

Conditioned Taste Aversion

A learned response where an individual avoids a food after a single, often negative, experience, illustrating how some associations can be formed with just one instance.

Coyotes

Medium-sized canids native to North America, known for their adaptability to diverse environments and opportunistic feeding habits.

Sheep

Domesticated ruminant animals, typically kept as livestock for their wool, meat, and milk.