Use the Following to Answer Questions

question 24

Multiple Choice

Use the following to answer questions :
Scenario: Monopolistically Competitive Firm
For a monopolistically competitive firm,the demand curve is given by Q = 160 - P,and the firm's cost functions are MC = 20 + 2Q and TC = 20Q + Q² + 20.
-(Scenario: Monopolistically Competitive Firm) Use Scenario: Monopolistically Competitive Firm.Given the information in the scenario,what is the fixed cost for this firm?

• A) There is none since this is the long run.
• B) Fixed costs equal $160.
• C) Fixed costs equal $20.
• D) Fixed costs equal $180.

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Definitions:

Conditioned Response

A learned response to a previously neutral stimulus that has become conditioned by being paired with an unconditioned stimulus.

UCS

Unconditioned Stimulus; a stimulus that triggers a naturally occurring response without the need for prior learning.

Flavor Aversion Conditioning

A learning process in which an organism learns to avoid a particular taste because it has been associated with a negative reaction, such as nausea or discomfort.

Temporal Conditioning

A technique in which the presentation of the unconditioned stimulus (UCS) at regular intervals causes the internal state present at the time of the UCS to become able to elicit the conditioned response (CR).