Assume Soybeans Are Produced in a Perfectly Competitive Market

question 351

Multiple Choice

Assume soybeans are produced in a perfectly competitive market. A soybean farmer is currently maximizing his profits. If the market price of soybeans falls, after the farmer adjusts to the new price, he will be producing ________ bushels of soybeans, and his profit will be ________.

• A) fewer; the same
• B) fewer; lower
• C) more; the same
• D) the same number of; the same

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Definitions:

Contingency Contracts

Written agreements used in behavior modification that outline specific expectations and consequences for behavior.

Group-Oriented Contingency

A behavior management approach where the consequences for behavior are applied to a group rather than individuals, often used to promote teamwork and collective responsibility.

Premack Principle

A psychological principle which states that a more probable behavior can serve as a reinforcement for a less probable behavior.

Good Behavior Game

A type of group-oriented contingency that encourages competition between groups and cooperation within groups. Classroom rules are posted and reviewed, and then the class is divided into two or more groups. The teacher makes a tally mark on the chalkboard whenever she observes a student breaking one of the rules. The team with fewer than five tally marks “wins” free time and other privileges at the end of the day. Both teams can “win” if neither has more than five tally marks.