In Order to Efficiently Allocate Goods and Services,we Have to Compare

question 36

Multiple Choice

In order to efficiently allocate goods and services,we have to compare

• A) total cost to total benefit.
• B) total cost to price.
• C) marginal benefit to price.
• D) marginal cost to marginal benefit.
• E) price to marginal cost.

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Definitions:

Weber's Law

A principle stating that the smallest noticeable difference in stimulus intensity is proportional to the intensity of the initial stimulus.

Accommodation

In psychology, the process of adjusting pre-existing schemas or ideas in response to new information or experiences; in vision, the process by which the eye's lens changes shape to focus near or far objects on the retina.

Subliminal Stimulation

The process of influencing individuals with signals or messages delivered below the threshold of conscious perception.

Visual Cortex

The part of the cerebral cortex responsible for processing visual information, located in the occipital lobe.