Table 4-13 The Demand Schedule Below Pertains to Sandwiches Demanded Per Week

question 65

Multiple Choice

Table 4-13
The demand schedule below pertains to sandwiches demanded per week.
-Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: • x = 2.
• The current price of a sandwich is $3.00.
• The market quantity supplied of sandwiches is 4.
• The slope of the supply curve is 2.
Then there is currently a

• A)shortage of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00.
• B)shortage of 6 sandwiches, and the equilibrium price of a sandwich is $5.00.
• C)surplus of 6 sandwiches, and the equilibrium price of a sandwich is less than $3.00.
• D)surplus of 6 sandwiches, and the equilibrium price of a sandwich is $5.00.

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Definitions:

Thorndike

An influential American psychologist who developed the law of effect, which suggests that behaviors followed by satisfying consequences tend to be repeated, while those followed by unpleasant consequences are less likely to be repeated.

Reinforcements

In psychology, stimuli or events that increase the likelihood of a behavior being repeated.

Operant Conditioning

A teaching technique that involves changing the level of a behavior by applying rewards or punishments.

Classical Conditioning

A process in which learning takes place by pairing two stimuli repeatedly; the response, although initially elicited by the second stimulus, is eventually elicited by the first stimulus alone.