Buyer a Has Offered $20,000 for a Painting You Are

question 13

Multiple Choice

Buyer A has offered $20,000 for a painting you are trying to sell. You are about to approach Buyer B whose best offer, you believe, might be anywhere between $16,000 and $24,000, with all values in between being equally likely. After hearing B's price, you will pick the higher of the two offers. What is the price that you expect to get for the painting?

• A) $20,000
• B) $21,000
• C) $21,500
• D) $22,000
• E) There is not enough information to provide an answer.

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Definitions:

Reinforcement

In behavior psychology, a consequence that will strengthen an organism's future behavior whenever that behavior is preceded by a specific antecedent stimulus.

Operant Conditioning

The method of transforming behavior intensity by administering either reinforcements or punishments.

Shaping

A method of training by which successive approximations toward a desired behavior are reinforced.

Withholding Reinforcement

is a behavioral strategy where a positive outcome or reward is not given, aiming to decrease or eliminate a certain behavior.