_________ describes changes in an individual's behavior arising from experience?
Correct answer: D. Learning
- A. Modeling
- B. Motivation
- C. Perception
- D. Learning
Explanation
Learning is a relatively lasting change in behaviour or knowledge resulting from experience, practice, or observation. Motivation explains the drive to act, while perception concerns how information is interpreted.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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