The Price of a Good or a Service Can Be

question 110

Multiple Choice

The price of a good or a service can be determined by free interaction of demand and supply or by a government price regulation. One important difference between these two price- determining methods is

• A) that a regulated price above the equilibrium price will always result in shortages.
• B) there are no shortages or surpluses at the free- market equilibrium price.
• C) one is capitalist and the other is communist.
• D) regulated prices are fairer since more people can then afford the goods or services.
• E) the government is in the best position to know the needs of the people.

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Definitions:

Unstructured Observation

Unstructured observation is a qualitative research method where the observer records behavior in a natural setting without a predetermined system or criteria.

Pre-identify

The process of recognizing or determining specific characteristics or criteria before initiating a task or study, often used to streamline subsequent processes or analyses.

Kindergarten Student

is a child attending the first year of school, which is typically designed for children five to six years old, prior to entering first grade.

Observer Drift

A situation that occurs when at some point in the observation process the criteria the rater is using to respond to each item changes.