In an Experiment, Participants Were Repeatedly Exposed to a Particular

question 147

True/False

In an experiment, participants were repeatedly exposed to a particular class of odors (floral or minty). As a result of this repeated exposure, they became less sensitive to the odors and their ability to distinguish subtle differences among different scents diminished significantly.

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Definitions:

Marginal Product

The additional output generated by employing one more unit of a particular input, holding other inputs constant.

Average Product

The amount of output produced on average by each unit of a variable input, such as labor, in the production process.

Marginal Product

is the additional output resulting from a one-unit increase in the quantity of one input while holding other inputs constant, illustrating the concept of diminishing returns.

Last Dollar Spent

The concept of allocating resources until the marginal utility of expenditure on each good or service is equal, maximizing utility.