Use the Following to Answer Question(s): Model of a Competitive

question 120

Multiple Choice

Use the following to answer question(s) : Model of a Competitive Market

-(Exhibit: Model of a Competitive Market) If there are no external benefits or costs, the output at Q will be:

• A) larger than is socially desirable.
• B) smaller than is socially desirable.
• C) efficient.
• D) inefficient.

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Definitions:

Amygdala

A section of the brain that is critical for emotion processing, fear responses, and memory.

Just-noticeable Difference

The smallest difference in stimulus intensity that can be detected by a sensory system.

Sensory Adaptation

The method through which sensory detectors decrease their sensitivity to unchanging stimuli over a period.

Absolute Threshold

The minimum intensity of a stimulus that one can perceive, marking the boundary between non-detection and detection of a stimulus.