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What Is the Law of Effect, and How Is It

question 152

Essay

What is the law of effect, and how is it related to the four basic OB Mod strategies of positive reinforcement, negative reinforcement, punishment, and extinction?


Definitions:

Workers

Individuals engaged in any form of economic activity to earn wages or salary.

Market Wage

The prevailing rate of pay for work in a particular field or occupation in the competitive market.

Profit Maximizing

The process of increasing the difference between total revenue and total cost to achieve the highest possible profit.

Marginal Revenue Product

The additional revenue generated by employing one more unit of a factor of production, keeping all other factors constant.

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