A Perfectly Competitive Firm Faces a Demand Curve That Is

question 2

Multiple Choice

A perfectly competitive firm faces a demand curve that is

• A)horizontal.
• B)vertical.
• C)perpendicular to the quantity axis.
• D)perfectly inelastic.

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Definitions:

Acquisition

The process of learning or gaining knowledge, skills, or responses through study, experience, or teaching.

Generalization

A principle in psychology that refers to the tendency to apply learned responses to similar stimuli beyond the original conditions of learning.

Secondary Reinforcement

A process by which a stimulus reinforces a behavior after it becomes associated with a primary reinforcer.

Stimulus Predictability

The extent to which the occurrence and properties of a stimulus can be anticipated based on previous experience.