John Drives by the Same Billboard Every Day on His

question 111

Multiple Choice

John drives by the same billboard every day on his way to work. He has seen the billboard so many times that he no longer notices it. This is an example of ________.

• A) sensory adaptation
• B) just noticeable difference
• C) differential threshold
• D) perceptual blocking
• E) absolute threshold

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Definitions:

Immediate Market Period

The shortest time frame in economic analysis, where the supply of goods is completely inelastic, meaning quantity cannot be changed in response to price changes.

Short Run

A period where at least one factor of production is fixed, typically seen in economics as a timeframe where businesses cannot adjust all inputs.

Long Run

A period sufficient for all markets and factors to adjust, allowing full analysis of economic conditions without the constraint of fixed inputs.

Coefficient

A numerical or constant factor in a mathematical expression, showing the degree of some change under certain conditions, often used in equations to measure relationships between variables.