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Suppose an individual who was previously known to have intelligence is tested several years later. On the second test, while the individual is within the normal range on verbal scales, her scores on performance scales have dropped to well below normal. What might you suspect?
Price Ceilings
Government-imposed limits on how high a price can be charged for a product or service.
Market Equilibrium
The condition in which market supply equals market demand, such that prices become stable.
Increased Demand
Describes a situation where a larger number of consumers are willing and able to purchase a good or service at a given price, often leading to higher prices or a market shortage if supply does not increase correspondingly.
Price Ceiling
A legally established maximum price that can be charged for a good or service, preventing prices from reaching equilibrium levels.
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