The Best Description of Industries Below Is That

question 24

Multiple Choice

The best description of industries below is that:

• A) a monopolistically competitive industry is more competitive than any other industry form.
• B) monopolies are more competitive than monopolistically competitive firms.
• C) monopolistically competitive firms are located between monopoly and perfect competition.
• D) all firms can make a long-run economic profit, but only perfect competitors can make a short-run profit.
• E) all firms engage in short-run loss minimization by selecting the point where marginal revenue = price.

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Definitions:

Instinctive Drift

The tendency of an animal to revert to instinctive behaviors that interfere with the conditioned response training.

Classical Conditioning

A training process resulting from the connection between a stimulus present in the environment and one that occurs naturally.

Partial Reinforcement

A conditioning strategy where only a portion of responses are reinforced, making the learned behavior more resistant to extinction.

Higher-Order Conditioning

A process in classical conditioning by which a stimulus that already elicits a conditioned response is used as a conditioned stimulus to condition a response to a new stimulus.