Suppose There Are Six Bait and Tackle Shops That Sell

question 47

Multiple Choice

Suppose there are six bait and tackle shops that sell worms in a lakeside resort town in Minnesota. If we add the respective quantities that each shop would produce and sell at each of the six bait and tackle shops when the price of worms is $2 per bucket, $2.50 per bucket, and $3 per bucket, and so forth, we have found the

• A)market demand curve.
• B)market supply curve.
• C)equilibrium curve.
• D)surplus or shortage depending on market conditions.

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Definitions:

Acquisition

The process of obtaining ownership or control of something, often through purchase.

Extinction

In psychology, the gradual weakening of a conditioned response when the conditioned stimulus is repeatedly presented without the unconditioned stimulus.

Classical Conditioning

A method of learning wherein two stimuli are continually coupled; over time, the reaction initially incited by the second stimulus comes to be incited by the first stimulus alone.

Acquisition

Acquisition in the context of psychology refers to the initial stage of learning when a response is first established or a new skill is begun to be acquired.