When Using the Method of Limits, the Absolute Threshold Is

question 11

Multiple Choice

 When using the method of limits, the absolute threshold is determined by calculating _____.

• A) the stimulus intensity detected 66% of the time
• B) the stimulus intensity detected 75% of the time
• C) the stimulus intensity detected 100% of the time
• D) the average of the "cross-over" values

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Definitions:

Completely Inelastic

A situation in which the demand or supply for a product does not change in response to changes in price.

Inelastic

Refers to a circumstance in which the demand or supply of a product or service is largely unaffected by price fluctuations.

Elastic

Describes a situation in which the demand or supply for a good or service significantly changes in response to price changes.

Cross-Price Elasticity

A measure of how much the demand for a product changes when the price of another product changes.