What Is the Approximate Time-Lag Between Noticing a Stimulus and Responding

question 14

Multiple Choice

What is the approximate time-lag between noticing a stimulus and responding to it?

• A) About 20 milliseconds
• B) About 50 milliseconds
• C) About 200 milliseconds
• D) About 500 milliseconds

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Definitions:

Equilibrium

A state of balance in a market when the quantity demanded equals the quantity supplied, leading to no further incentive to change.

Short Run

A time period during which at least one factor of production is fixed, limiting the capacity to adjust fully to market conditions.

Maximum Total Profits

The highest possible profit that a firm can achieve, determined by subtracting total costs from total revenues at the optimal level of production.

Quantity

The quantity of a tangible or intangible asset viewed as a single entity or a collective sum.