____________ Refers to Activating a Schema Through a Stimulus

question 52

Multiple Choice

____________ refers to activating a schema through a stimulus.

• A) Framing
• B) Controlled processing
• C) Priming
• D) Selective filtering

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Definitions:

Inelastic

Inelastic describes a situation where the demand or supply for a good or service is not significantly changed by variations in price.

Consumer Surplus

The difference between the maximum price a consumer is willing to pay for a good or service and the actual price they do pay.

Tax

A mandatory monetary contribution or different sort of tax levied on a taxpayer by a government entity to finance government expenditure and assorted public costs.

Deadweight Loss

The loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is distorted.