Use the Following to Answer Question 117

question 154

Multiple Choice

Use the following to answer question 117:
Figure: Marginal Social Cost and Supply
-(Figure: Marginal Social Cost and Supply) Use Figure: Marginal Social Cost and Supply.The marginal social cost curve lies above the supply curve:

• A) because the marginal social benefit is greater for a common resource.
• B) and the efficient quantity of this common resource is point E.
• C) because the marginal social cost includes the cost to society of depleting this common resource.
• D) because this is a public good.

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Definitions:

Social Learning Theory

A theory that posits individuals learn behavior through observing and imitating others, as well as through the consequences of these behaviors (reinforcements).

Reinforcement

A consequence that increases the likelihood of a behavior being repeated in the future.

Bandura

A psychologist best known for his work on social learning theory, stressing the importance of observational learning, imitation, and modeling.

Secondary Reinforcers

Stimuli that have no inherent value but have been learned to be rewarding through their association with primary reinforcers.