The Expansion Path

question 63

Multiple Choice

The expansion path

• A)shows how the cost-minimizing input choices change as the firm's output level changes.
• B)shifts if the input price ratio changes.
• C)is the collection of all input combinations at which the marginal rate of technical substitution equals the input price ratio.
• D)both a and c
• E)all of the above

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Definitions:

B.F. Skinner

An American psychologist best known for his work in behaviorism and the development of the theory of operant conditioning.

Observable Conditions

Conditions or states that can be seen or noticed, allowing for objective measurement or assessment.

Cognitive Psychologists

Professionals who study mental processes such as perception, memory, thought, and problem solving.

Positive Reinforcers

Stimuli that, when introduced after a behavior, increase the likelihood of that behavior being repeated.