In the Long Run,both Monopolistic Competition and Competitive Markets Result

question 20

Multiple Choice

In the long run,both monopolistic competition and competitive markets result in

• A) a wide variety of brand-name choices for consumers.
• B) an inefficient allocation of resources.
• C) zero economic profit for firms.
• D) excess capacity.
• E) insufficient capacity.

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Definitions:

Conditioned Stimulus

A previously neutral stimulus that, after being repeatedly paired with an unconditioned stimulus, elicits a conditioned response.

Unconditioned Response

An innate, spontaneous response to a stimulus that happens without any previous instruction or training.

Conditioned Response

A learned response to a previously neutral stimulus due to conditioning.

Previous Conditioning

The influence of past conditioning experiences on current behavior and learning.