What Will Happen to the Equilibrium Price of New Textbooks

question 3

Multiple Choice

What will happen to the equilibrium price of new textbooks if more students attend college,paper becomes cheaper,textbook authors accept lower royalties,and fewer used textbooks are sold?

• A)Price will rise.
• B)Price will fall.
• C)Price will stay exactly the same.
• D)The price change will be ambiguous.

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Definitions:

Reinforcement

In operant conditioning, any event that strengthens the behavior it follows.

Successive Approximations

A method of shaping behavior by rewarding actions that are progressively closer to the desired behavior.

Shaping

The process of reinforcing closer and closer approximations to a desired behavior in order to teach a new behavior.

Operant Conditioning

is a method of learning that employs rewards and punishments for behavior.