Which of the Following Laws Would Help Explain Why a Person

question 103

Multiple Choice

Which of the following laws would help explain why a person in a quiet room is more startled by the ringing of a telephone than a person who is already in a noisy room?

• A)Fitt's law
• B)Weber's law
• C)Bloch's law
• D)Hick's law

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Definitions:

Total Cost

The complete sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Normal Profit

The minimum amount of profit required for a company to remain competitively active in the market; it is also the break-even point for a business.

Identical Firms

Companies within the same industry or market that offer products or services indistinguishable from one another to consumers.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, reflecting the actual profitability of a firm beyond accounting profit.