The "Law of Diminishing Demand" Says That If a Firm

question 6

True/False

The "law of diminishing demand" says that if a firm raised the price of its product, a smaller quantity would be demanded.

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Definitions:

Smelled Food

The act of detecting the aroma of food, which can trigger physiological reactions such as salivation and influence appetite.

Operant Behavior

Behavior emitted spontaneously or voluntarily that operates on the environment to change it.

Respondent Behavior

Reactions that are automatic and involuntary, typically elicited by specific stimuli, contrasted with operant behavior, which is influenced by its consequences.

Extinguishable Behavior

A learned response that decreases in frequency or disappears when it is no longer reinforced in a behavioral psychology context.