Table 4-15
The following table shows the number of cases of water each seller is willing to sell at the prices listed.
-Refer to Table 4-15. Assuming these are the only four suppliers in this market and the function for market demand is QD=1000-100P, where QD is the quantity demanded and P is the price, what is the equilibrium price?
Definitions:
Extinction
In psychology, the gradual weakening and eventual disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.
Gradual Weakening
A slow reduction in strength, intensity, or power of something, often occurring over time.
Conditioned Response
A learned reaction to a previously neutral stimulus that has been repeatedly presented along with an unconditioned stimulus.
B. F. Skinner
An influential American psychologist known for developing the theory of behaviorism and for his research on operant conditioning.
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