If Equilibrium Is Achieved in a Competitive Market

question 2

Multiple Choice

If equilibrium is achieved in a competitive market

• A)there is no deadweight loss.
• B)the deadweight loss will be maximized.
• C)the deadweight loss will equal the sum of consumer surplus and producer surplus.
• D)the deadweight loss will be the same as the opportunity cost of the last unit of output sold.

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Definitions:

Negative Reinforcer

An unpleasant stimulus that, when removed after a behavior, increases the likelihood of that behavior being repeated in the future.

Primary Reinforcer

A stimulus that is inherently rewarding and satisfies a basic biological need, such as food or water.

Positive Reinforcer

A motivator that, when given after a specific behavior, boosts the chance of that behavior being replicated.

Secondary Reinforcer

A stimulus that has acquired the property of reinforcing behaviors through association with a primary reinforcer.