The Producer Surplus on a Unit of Output Is the Difference

question 69

True/False

The producer surplus on a unit of output is the difference between the market price and the opportunity cost of producing it.

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Definitions:

Sensory Adaptation

The phenomenon where sensory receptors diminish in sensitivity to unchanging stimuli over time, resulting in a reduced sensation.

Unchanging Stimulus

A stimulus that remains constant over time, not varying in intensity, duration, or quality, which can lead to habituation or sensory adaptation in organisms.

Sensory Responsiveness

Describes an individual's tendency to react to and process sensory information in a particular way, which can vary widely among different people.

Difference Threshold

The minimum change in stimulation required to detect a difference between two stimuli, also known as the just noticeable difference (JND).