Depending on the number of choices, the psychophysical experimental paradigms classify as simple forced choice (also known as yes-no task), two-alternative forced choice (2AFC), and n-alternative forced choice. The number of alternatives in the experiment determine the lower asymptote of the function.
A common example is visual acuity testing with an eye chart. The person sees symbols of different sizes (the size is the relevant physical stimulus parameter) and has to decide which symbol it is. Usually, there is one line on the chart where a subject can identify some, but not all, symbols. This is equal to the transition range of the psychometric function and the sensory threshold corresponds to visual acuity. (Strictly speaking, a typical optometric measurement does not exactly yield the sensory threshold due to biases in the standard procedure.)
Two different types of psychometric plots are in common use:
The second way of plotting psychometric functions is often preferable, as it is more easily amenable to principled quantitative analysis using tools such as probit analysis (fitting of cumulative Gaussian distributions). However, it also has important drawbacks. First, the threshold estimation is based only on p(yes), namely on "Hit" in Signal Detection Theory terminology. Second, and consequently, it is not bias free or criterion free. Third, the threshold is identified with the p(yes) = .5, which is just a conventional and arbitrary choice.