The Principle That the Just Noticeable Difference of Any Given

question 263

Multiple Choice

The principle that the just noticeable difference of any given sense is a constant fraction or proportion of the stimulus being judged is called __________

• A) the opponent-process principle.
• B) the doctrine of specific nerve energies.
• C) the phi phenomenon.
• D) Weber's law.

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Long-run Adjustments

Changes a firm or industry makes over a long period to adapt to changes in demand, technology, or other economic factors.

Allocative Efficiency

Occurs when resources are distributed in a way that maximizes the net benefit to society, with goods and services produced at the level where the last unit provides a benefit equal to its cost of production.

Purely Competitive Industry

An industry characterized by many sellers offering identical products where each seller is a price taker due to market forces.