A Month Ago,Jenny Was Pulled Over for Speeding,and Because It

question 83

Multiple Choice

A month ago,Jenny was pulled over for speeding,and because it was her third ticket this year,her license was suspended.Jenny just received her license back and vows never to speed again.In this situation,having her license suspended has served as

• A) positive reinforcement.
• B) negative reinforcement.
• C) positive punishment.
• D) negative punishment.

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Definitions:

Short Run

A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.

Purely Competitive Market

Another term for a perfectly competitive market, emphasizing its features like a large number of small firms and identical products.

Marginal Revenue

The increased earnings resulting from the sale of one extra unit of a good or service.

Marginal Cost

The increased cost resulting from the production of an additional unit of a good or service.