Other Things Being Equal,if a Formerly Competitive Firm Attains a High

question 142

Multiple Choice

Other things being equal,if a formerly competitive firm attains a high degree of monopoly power,its resource demand curve will:

• A) become perfectly inelastic.
• B) remain perfectly elastic.
• C) become more elastic.
• D) become more inelastic.

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Definitions:

Extinction

Extinction in behavioral psychology refers to the gradual weakening and disappearance of a conditioned response when the reinforcement is no longer provided.

Extinction

In behavioral psychology, the process whereby a learned response is reduced or eliminated, often as a result of repeated absence of the expected reinforcement.

Conditioned Stimulus

A previously neutral stimulus that, after being associated with an unconditioned stimulus, elicits a conditioned response.

Classically Conditioned

Pertains to a learning process in psychology where an association is made between a naturally occurring stimulus and a previously neutral stimulus.