What Is the Difference Between a Scheme and an Operation

question 96

Multiple Choice

What is the difference between a scheme and an operation in cognitive developmental theory?

• A) An operation is a verbal scheme
• B) An operation is a mental manipulation of related schemes
• C) A scheme is more complex than an operation
• D) A scheme is in equilibrium and an operation is in disequilibrium

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing to invest in one option over another.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount received due to a higher market price.

Producer Surplus

The divergence between the desired selling price of producers and the real price at which goods are sold.

Supply Curve Shift

A change in the supply curve, indicating a change in the quantity supplied at each price.