The Presence of a Price Control in a Market for a Good

question 130

Multiple Choice

The presence of a price control in a market for a good or service usually is an indication that

• A)an insufficient quantity of the good or service was being produced in that market to meet the public's need.
• B)the usual forces of supply and demand were not able to establish an equilibrium price in that market.
• C)policymakers believed that the price that prevailed in that market in the absence of price controls was unfair to buyers or sellers.
• D)policymakers correctly believed that price controls would generate no inequities of their own once imposed.

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Definitions:

Concrete Operations

A stage in Piaget's theory of cognitive development in which children from about 7 to 12 years old develop logical thinking but still struggle with abstract concepts.

Zone Of Proximal Development

A concept in education and cognitive psychology referring to the difference between what a learner can do without help and what they can achieve with guidance and encouragement.

Vygotsky

A Russian psychologist who proposed the sociocultural theory of cognitive development, emphasizing the role of social interaction in learning.

Formal Operations

In Piaget's theory, the cognitive development stage (starting around age 12) where an individual gains the ability to think abstractly, reason logically, and form hypotheses.