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After hearing the child's error, his sister corrects him, saying "No, that's a horse." The following week, the child sees a zebra and labels it correctly. According to Piaget, the child's correction is an example of:
Profit-maximizing
The process or goal of adjusting the production and sale of goods or services to achieve the highest possible profit.
Quantity Discounts
Price reductions given to buyers purchasing large quantities, intended to encourage bulk buying.
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar, leading to prices being determined by supply and demand.
Marginal Cost
The cost incurred by producing one additional unit of a good or service.
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