In Some Countries Like Thailand, Respect for Elders and Emotional

question 35

True/False

In some countries like Thailand, respect for elders and emotional reserve are cultural values that are maintained even by the younger generations.

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Definitions:

Price Ceiling

A legally established maximum price that can be charged for a good or service, often set below the equilibrium price to keep essential goods affordable.

Surplus

An excess of something, especially a quantity of a commodity or financial instrument that exceeds what is needed or used.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity supplied, leading to market balance.

Equilibrium Quantity

The amount of goods or services that is supplied and demanded at the equilibrium price.