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Price Controls in Venezuela Resulted in a Thriving Black Market

question 64

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Price controls in Venezuela resulted in a thriving black market in many goods.The black market arose because the price controls that were implemented by the Venezuelan government were ________ which resulted in a ________ of products.


Definitions:

Pressure To Conform

The social influence that encourages individuals to match their attitudes, beliefs, or behaviors to group norms.

Groupthink

A phenomenon in social gatherings where the quest for accord or conformity fosters the development of decisions that are unsound or maladaptive.

Critical Ideas

Fundamental concepts or opinions that are considered important for understanding or analyzing a particular field or phenomena.

Group Members

Individuals who belong to a specific group or team, sharing common goals, interests, or characteristics.

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