Question

Horses and Harnesses wanted to increase its price for hand-made saddles, but it knew its customers were very price sensitive, so it only raised prices by $2. None of the customers reacted to the new price. This minimal price change is known as ________.

Answer 1

Answer:

The just noticeable difference.

Explanation:

Sensitivity to differences in intensity levels not constant or the smallest difference in the amount of simulation that a specific sense can detect.

It is clearly stated here that intensity level of the stimulus can also play a role in how much people notice changes. If a light is very, very dim, people might be more likely to notice smaller changes in intensity than they would if those same changes were made to brighter light.