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Discuss three distinct ways, providing an example of each, in which Weber's law and the JND can be applied in a retail store setting.
Condominium
A type of real estate owned individually, with shared areas co-owned and maintained by an association of owners.
Identical House
A conceptual term often used in real estate to describe homes that are exactly the same in design, size, and features for comparative purposes.
Loss Aversion
A psychological phenomenon where individuals prefer avoiding losses to acquiring equivalent gains, indicating a greater sensitivity to losses than to gains.
Savings Increase
A rise in the amount of money set aside for future use, typically in a deposit account or investment vehicle.
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