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Let's say the cost to produce an 8 oz. package of peanuts has increased. The peanut producer (we'll call him Jimmy) considers raising prices, but
Let's say the cost to produce an 8 oz. package of peanuts has increased. The peanut producer (we'll call him Jimmy) considers raising prices, but he knows consumers will not like that. Instead, Jimmy keeps the price the same but makes the package slightly lighter (7.5 oz.), because he knows that consumers can't perceive the reduction in size. In this case, the change in the weight of the peanuts is: Group of answer choices below a consumer's fairness scale below the just noticeable difference above the absolute threshold 1 oz. guided by "Carter's Law
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