Debbie Has Just Moved into a New Neighborhood with a Number

question 22

Multiple Choice

Debbie has just moved into a new neighborhood with a number of dogs that bark at night. At first this keeps her up at night, but over time she fails to notice the barking and sleeps soundly. This phenomenon can be explained by:

• A) habituation.
• B) sensitization.
• C) fatigue.
• D) responsiveness.

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Definitions:

Consumer Surplus

The discrepancy between the aggregate amount buyers are willing and capable of paying for a good or service versus what they really pay.

Market Supply

The total amount of a specific good or service available for purchase at any given price, from all producers combined.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, reflecting the good's sensitivity to price changes.

Market Supply

Refers to the total amount of a product that producers are willing and able to sell at a given price over a certain period of time.