A Perfectly Competitive Market Exists When ________

question 23

Multiple Choice

A perfectly competitive market exists when ________.

• A) individual buyers or sellers can affect prices by their own actions
• B) market prices reach well above their historical averages due to demand outstripping supply
• C) market prices drop well below their historical averages due to supply outstripping demand
• D) there is a homogeneous product with buying prices equal to selling prices

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Definitions:

Discrimination Learning

The process by which an individual learns to respond differently to similar but distinct stimuli, often in the context of rewards or punishments.

Discriminative Stimulus

A stimulus that signals the availability of reinforcement or punishment, guiding the organism to respond in certain ways.

Discrimination Training

A process in learning where an individual is trained to respond differently to distinct stimuli based on their attributes or consequences.

Generalization

Responding in the same manner to similar stimuli.