What Makes Sensation Possible

question 300

Multiple Choice

What makes sensation possible?

• A)conceptually driven processes
• B)absolute thresholds
• C)Weber's law
• D)sensory receptors

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Definitions:

Normal Profits

The level of profit necessary to cover the costs of the inputs owned by the firm, acting as the minimum earnings to keep the firm in business.

Competitive Equilibrium

A state in a market where supply equals demand, with no external influences altering the price or quantity.

Constant-Cost Industries

Industries where the costs of production do not change as the total output increases or decreases.

Economic Efficiency

A state where resources are allocated in a way that maximizes the production of goods and services.