As You Go to Sleep at Night, You Realize That

question 76

Multiple Choice

As you go to sleep at night, you realize that you can hear your roommate's wristwatch ticking. Out of curiosity, you keep a record of when you hear the watch ticking and find out that you can hear it about half the time. Your ability to hear your roommate's wristwatch about half the time is an example of:

• A)a difference threshold.
• B)an absolute threshold.
• C)Weber's law.
• D)sensory adaptation.

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Definitions:

Midpoint Method

A technique used in economics to calculate the elasticity of demand or supply by using the average of the initial and final quantities and prices.

Price Elasticity

A measure in economics indicating how the quantity demanded of a good or service changes in response to a change in its price.

Price Y

Represents the specific market value or cost of a good or service named or implied as "Y."

Perfectly Elastic

Describes a situation in which any small change in the price of a good leads to an infinite change in the quantity demanded or supplied, typically represented by a horizontal line on a graph.