When Economic Profits Exist in the Market for a Particular

question 98

Multiple Choice

When economic profits exist in the market for a particular product,this is a signal to producers that

• A)Consumers would like more scarce resources devoted to the production of this product.
• B)The market is oversupplied with this product.
• C)The best mix of goods and services is being produced with society's scarce resources.
• D)Price is at the minimum of the ATC curve.

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Definitions:

Operant Conditioning

A learning process in which the strength of a behavior is modified by reinforcement or punishment.

B.F. Skinner

An American psychologist and behaviorist known for his theory of operant conditioning and studies on reinforcement.

S-R Association

A concept in behaviorism that refers to the association formed between a stimulus and the response it generates without requiring conscious thought.

Carol Dweck

A psychologist known for her work on the mindset psychological trait, particularly fixed and growth mindsets.