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Changes in Perception of Surroundings,or in the Passage of Time,in

question 53

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Changes in perception of surroundings,or in the passage of time,in which people or objects may seem to change their size and shape and in which time may appear to pass more slowly,are called ________.


Definitions:

Marginal Cost

A rise in the cumulative expenses associated with the production of an extra unit.

Economic Rent

Extra income earned by a factor of production due to its limited supply or unique properties, over and above its opportunity cost.

Output Tax

A tax levied on the quantity of production or output generated by a company, as opposed to income or profit.

Perfectly Elastic

An economic term describing a situation where the quantity demanded or supplied changes infinitely in response to any change in price.

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