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Burns shows two stimuli at a time to an infant, one a gray square and the other a black and white striped square. The striped squares differ in the width of their stripes. Dr. Burns measures how long the infant looks at each of the stimuli. Dr. Burns is assessing
Equilibrium Quantity
The quantity of goods or services that is supplied and demanded at the equilibrium price.
Long Run
A period in which all factors of production and costs are variable, allowing for full adjustment to change.
Supply Curves
Graphical representations illustrating the relationship between the price of a good and the quantity of the good that producers are willing to supply.
Immediate Market Period
The shortest time frame in economic analysis, where the supply of goods is completely inelastic, meaning quantity cannot be changed in response to price changes.
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