If There Was No Misperception Effect, but There Was a Profit

question 116

Multiple Choice

If there was no misperception effect, but there was a profit effect in the short run, then SRAS is ____ and LRAS is ____.

• A)​upward sloping: vertical
• B)​upward sloping; upward sloping
• C)​vertical; vertical
• D)​vertical; upward sloping

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Definitions:

Fixed-ratio Schedule

A type of reinforcement schedule in operant conditioning where a response is reinforced only after a specified number of responses, leading to high and steady response rates.

Reinforcement

In psychology, a process in which a behavior is made more likely to occur in the future by its consequences.

Specific Number

A distinct or precisely identified quantity, often used in mathematical or statistical contexts.

Randomly Varying

Describes a process or phenomenon that changes unpredictably, without a discernible pattern or order.