Suppose That a Toll of $15 Is Charged to Drive

question 35

Multiple Choice

Suppose that a toll of $15 is charged to drive on a road, regardless of the time of day. If this toll brings about equilibrium travel flows at the busiest time of day, it will create __________ at all other times of day.

• A)equilibrium
• B)a shortage of toll road space
• C)a surplus of toll road space
• D)neither a shortage of toll road space nor a surplus of toll road space

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Definitions:

Piagetian Theory

A theory of cognitive development that suggests children move through four stages of mental development, emphasizing how they actively construe and understand the world.

Animism

The conviction that all objects, locations, and beings have a unique spiritual nature.

Egocentrism

A cognitive bias that causes individuals to interpret the world solely from their own perspective, often failing to understand others' viewpoints.

Intellectual Stages

Phases of cognitive development through which individuals progress, as proposed by theorists such as Piaget, including stages such as sensorimotor and operational periods.