Animals Tend to Revert from Newly Learned Habits to Their

question 62

Multiple Choice

Animals tend to revert from newly learned habits to their biologically predisposed behaviors.This is an example of

• A) latent learning.
• B) instinctive drift.
• C) intrinsic motivation.
• D) modeling.

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Definitions:

Profit-Maximizing

The process or strategy of adjusting production and sale levels to achieve the highest possible profit with the given resources and market conditions.

MC = MR

This refers to the condition where a firm's marginal cost (MC) is equal to its marginal revenue (MR), often used to determine the profit-maximizing level of output in microeconomic theory.

Perfect Competitor

A theoretical market structure where many firms sell an identical product, entry and exit are easy, and no single firm can influence the market price.

Economic Loss

A loss in financial terms representing the difference between the market value and the cost of production.