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Competitive price-taker markets are characterized by
Absolute Threshold
The minimum intensity of a stimulus that is required to be detected at least 50% of the time by a subject.
Difference Threshold
The minimum noticeable difference that a person can detect between two stimuli 50% of the time; also known as the just noticeable difference (JND).
Just Noticeable Difference
The smallest difference in a stimulus that an organism can barely perceive.
Difference Threshold
The minimum difference in stimulation that an individual can detect 50% of the time, also known as the just noticeable difference (JND).
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