Four pigeons were exposed to second-order schedules of token reinforcement, with stimulus lights serving as token reinforcers. Tokens were earned according to a fixed-ratio (token-production) schedule, with the opportunity to exchange tokens for food (exchange period) occurring after a fixed number had been produced (exchange-production ratio). The token-production and exchange-production ratios were manipulated systematically across conditions. Response rates varied inversely with the token production ratio at each exchange-production ratio. Response rates also varied inversely with the exchange-production ratio at each token-production ratio, particularly at the higher token-production ratios. At higher token-production and exchange-production ratios, response rates increased in token-production segments closer to exchange periods and food. Some conditions were conducted in a closed economy, in which the pigeons earned all their daily ration of food within the session. Relative to comparable open-economy conditions, response rates in the closed economy were less affected by changes in token-production ratio, resulting in higher levels of food intake and body weight. Some of the results are consistent with the economic concept of unit price, a cost-benefit ratio comprised of responses per unit of food delivery, but most are well accounted for by a consideration of the number of responses required to produce exchange periods, without regard to the amount of reinforcement available during those exchange periods. (Contains 1 table and 5 figures.)