In Perfect Competition

question 96

Multiple Choice

In perfect competition

• A) the market demand curve and the individual's demand are identical.
• B) the market demand curve is perfectly inelastic while demand for an individual seller's product is perfectly elastic.
• C) the market demand curve is perfectly elastic while demand for an individual seller's product is perfectly inelastic.
• D) the market demand curve is downward sloping while demand for an individual seller's product is perfectly elastic.

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Definitions:

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus, leading to learned responses.

Operant Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment, introduced by B.F. Skinner.

Observational Learning

The process of learning behaviors by watching the actions of others, and the outcomes of those actions.

Instrumental Conditioning

A learning process through which the strength of a behavior is modified by reinforcement or punishment, also known as operant conditioning.