Market Failure Occurs When

question 332

Multiple Choice

Market failure occurs when

• A) the price system fails to generate an efficient allocation of resources.
• B) the price system fails to generate an equal distribution of income.
• C) the price system fails to generate an equal distribution of wealth.
• D) the price system allows consumers to make their own decisions.

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Definitions:

Mirror Neurons

Frontal lobe neurons that fire when performing certain actions or when observing another doing so. The brain’s mirroring of another’s action may enable imitation and empathy.

Observational Learning

Observational learning is a learning process through watching others, retaining the information, and then later replicating the behaviors that were observed.

Bobo Doll

An experiment conducted by Albert Bandura that demonstrated that children could learn aggressive behavior through observation and imitation, a cornerstone in the study of social learning theory.

Operant Conditioning

Operant conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment.