In Some Cases, Prices Are Assigned to Goods on the Basis

question 14

True/False

In some cases, prices are assigned to goods on the basis of nothing more than customs and traditions.

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Definitions:

Nervous System

A complex network of nerves and cells that carry messages to and from the brain and spinal cord to various parts of the body.

Stimulus Energies

The physical or chemical forms of energy, such as light, sound, or touch, that can be detected and interpreted by sensory systems.

Psychophysics

The study of relationships between the physical characteristics of stimuli, such as their intensity, and our psychological experience of them.

Life Satisfaction

A measure of how people evaluate their lives as whole, based on their own standards and expectations.