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A behaviorist arranges a choice situation in which a rat is exposed to two levers. For every 100 times the rat presses the right lever, it receives seven food pellets. For every 20 times the rat presses the left lever, it receives one food pellet. Both levers produce food on a _____ ratio schedule of reinforcement and rational choice theory predicts preference for the _____ lever.
Price Expectations
Anticipations or beliefs about future prices that influence consumers' purchasing decisions and firms' production plans.
Changes in Income
Fluctuations in the amount of income earned, which can affect consumer spending and saving behavior.
Related Goods
Goods that are connected or interdependent, typically categorized as either substitutes or complements to one another.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price in a given time period.
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