Consumers Benefit from Monopolistic Competition by

question 123

Multiple Choice

Consumers benefit from monopolistic competition by

• A)being able to choose from products more closely suited to their tastes.
• B)paying the lowest possible price for the product.
• C)paying the same price as everyone else.
• D)being able to purchase high-quality products at low prices.

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Definitions:

Reflex

It is an involuntary, immediate response to a specific stimulus without conscious thought.

Classical Conditioning

A learning mechanism where the consistent association of two stimuli leads to a response, initially evoked by the second stimulus, being evoked by the first stimulus alone over time.

Extinction

In psychology, the gradual weakening and disappearance of a conditioned response when the conditioned stimulus is no longer paired with the unconditioned stimulus.

Discrimination

Unjust or prejudicial treatment of different categories of people, especially on the grounds of race, age, or sex.