The relationship according to which the perceived change in any stimulus varies according to the size of the change measured as a proportion of the original stimulus is known as:
A. the Weber-Fechner law.
B. the representative heuristic.
C. status quo bias.
D. regression to the mean.
Answer: A
You might also like to view...
If total spending is less than total output, then price levels will
A. rise and production will increase. B. rise and production will decrease. C. fall and production will increase. D. fall and production will decrease.
If actual output exceeds potential output, the short-run aggregate supply curve shifts downward over time
Indicate whether the statement is true or false
When marginal utility is decreasing but still positive, then total utility is
A. increasing at a decreasing rate. B. decreasing. C. negative. D. increasing at an increasing rate.
Business fixed investment includes purchases of
A. inventories. B. land and energy. C. capital equipment and structures. D. long-term bonds.