Place Theory Suggests That

question 180

Multiple Choice

Place theory suggests that

• A) structures in the inner ear provide us with a sense of the position of our bodies in space.
• B) we have a system for sensing the position and movement of the various parts of our body.
• C) we can locate the place from which a sound is emitted because of the distance between our ears.
• D) the pitch we hear is related to the place where the cochlea's basilar membrane is stimulated.

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Definitions:

Economies of Scale

Cost advantages that entities attain due to the scale of operation, with costs per unit of output generally decreasing with increasing scale.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, measuring the performance exceeding opportunity costs.

Short-Run Equilibrium

The condition in which supply and demand are equal at a particular price level, within a short time frame, before all variables have fully adjusted.

Profit-Maximizing

The process or goal of a firm to adjust its production and sale strategies to achieve the highest possible profits.