The Two General Categories of Theories of Thinking Are

question 70

Multiple Choice

The two general categories of theories of thinking are:

• A) divergent and convergent.
• B) functional and hierarchical.
• C) creative and technical.
• D) fact-based and value-based.
• E) transformational and transactional.

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Definitions:

Equilibrium Quantity

The amount of goods or services supplied that is equal to the amount demanded at the market equilibrium price.

Equilibrium Price

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

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market price.

Consumer Surplus

The difference between the highest price a consumer is willing to pay for a good or service and the actual market price they pay.