According to the Weber-Fechner law, the perceived size of a change in a stimulus will be large when the change in the stimulus:
A. is a rare event.
B. occurs frequently.
C. is large in proportion to the original stimulus.
D. is small in proportion to the original stimulus.
Answer: C
You might also like to view...
Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448The price elasticity of demand (based on the midpoint formula) when price decreases from $16 to $14 is
A. -3.29. B. -1.37. C. -0.33. D. -1.
The idea that "externalities arise because something of value has no price attached to it" is associated with
a. public goods, but not with common resources. b. common resources, but not with public goods. c. both public goods and common resources. d. neither public goods nor common resources.
For a firm in a perfectly competitive industry, the demand curve for its own product is
A) downward sloping. B) vertical. C) always above the marginal revenue curve. D) the same as the marginal revenue curve.
Refer to the above figure. An unregulated natural monopolist's profits will be
A. losses equal to Q3 times distance d-e. B. losses equal to Q4 times distance f-g. C. profits equal to Q1 times distance a-b. D. profits equal to Q1 times distance a-c.