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Definition: In general, any relationship between two things such that one may be substituted for the other in a particular setting and not significantly alter the situation. The term is often modified so that the particular form of equivalence is specified; e.g. stimulus equivalence refers to two or more stimuli that are sufficiently similar that they evoke the same or nearly the same response, while response equivalence refers to similar responses made to similar stimuli.
Source: The Penguin Dictionary of Psychology. London: Penguin, 2009. Credo Reference. Web. 07 August 2012.