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Professor Waddell's Class Discusses the Controversy of Medicating Children Who

question 26

Multiple Choice

Professor Waddell's class discusses the controversy of medicating children who have been diagnosed with ADHD. Professor Waddell says, "The controversy continues about the 'quick fix' nature of the medication prescribed to children and the tendency to use medication without first attempting psychotherapy or home/academic interventions. Another part of the controversy is the need to test the medications prescribed for youths on youths. Additionally, parents are concerned about the legislation that permits schools to require that all children be evaluated for ADHD. Because of this controversy, medication prescriptions for children and adolescents have dramatically decreased." With respect to Professor Waddell's statement, it is correct to say that a controversy exists concerning ____.

Understand the concept of marginal cost and marginal benefit and their roles in decision-making.

Recognize the concept of opportunity cost and how it influences choices.

Identify the principles of rational decision-making at the margin.

Apply concepts of costs (sunk costs, marginal costs) to real-world scenarios affecting economic decisions.

Definitions:

Sherman Antitrust Act

A landmark 1890 U.S. legislation aimed at prohibiting monopolies and other practices that restrained competition and trade.

Fixing Prices

The practice of setting the price of a product or service, rather than allowing it to be determined naturally through free-market forces.

Oligopoly Outcome

In markets dominated by a small number of firms (an oligopoly), the outcome often includes non-price competition, strategic interactions, and potentially higher prices and lower outputs than in competitive markets.

Prisoners' Dilemma

A situation in game theory in which two individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome for either party.