The Basic Objective of the U

question 170

Multiple Choice

The basic objective of the U.S. market-directed economic system is to:

• A) ensure the survival of business firms.
• B) find a reasonable balance between consumer satisfaction and business profits.
• C) reduce the cost of marketing activities.
• D) satisfy consumer needs as the consumers themselves see them.
• E) satisfy consumer needs as seen by marketing managers.

Define and differentiate between fixed-ratio, fixed-interval, variable-ratio, and variable-interval schedules of reinforcement.

Explain the process of shaping and its significance in learning behaviors.

Distinguish between different types of learning: operant conditioning, observational learning, latent learning, cognitive learning, and insight learning.

Understand the contributions of key theorists in the field of learning, such as Bandura and Tolman.

---

Definitions:

Inelastic Demand

Product or resource demand for which the price elasticity of demand is less than 1, so that any given percentage change in price leads to a smaller percentage change in quantity demanded. As a result, quantity demanded is relatively insensitive to (inelastic with respect to) price.

Agricultural Demand

The total demand for agricultural products, influenced by factors such as population growth, income levels, and dietary trends.

Farm Output

Farm output refers to the total quantity of agricultural products produced by a farm, including crops, livestock, and dairy products.

Inelastic Nature

A characteristic of a good or service for which the quantity demanded or supplied changes by a smaller percentage than the percentage change in price.