Match the Definition with the Term

question 21

Multiple Choice

Match the definition with the term.
-Fechner's law

• A)capable of expressing psychophysical relationships when subjective intensities in-crease at a faster rate than physical intensities
• B)proposal that the retina contains three different kinds of light-sensitive receptor cells,each one responding most strongly to light waves of one of the three prima-ry colors
• C)states that the subjective intensity (S)of a stimulus measured in jnd units is pro-portional to the logarithm of its physical intensity (P)times some constant (k)

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Definitions:

Herfindahl Index

A measure of market concentration, determining the competitiveness of an industry based on the sum of the squares of the market shares of all firms within it.

Product Differentiation

The strategy of distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Herfindahl Index

A measure of market concentration that squares the market share of each firm competing in the market and sums the resulting numbers, used to assess the competitiveness of a market.

Monopolistically Competitive

Refers to a market structure where many firms sell products that are similar but not identical, allowing for some degree of product differentiation and market power for each firm.