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According to the "misperception effect" explanation of short-run aggregate supply, firms increase output as the price level rises because they mistake the increase in overall prices for an increase in the relative price of their own output.
Relative Luminance
The brightness of an object compared to the brightness of a similarly illuminated object that appears to be white or highly reflective.
Perceptual Set
A mental predisposition or readiness to perceive certain aspects of available sensory data and ignore others.
Mental Predisposition
An individual's inclination or tendency to think, feel, or behave in a particular way due to a combination of genetic, environmental, and psychological factors.
Perceptual Set
A tendency to perceive or notice some aspects of the available sensory data while ignoring others, influenced by expectations and prior knowledge.
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