Which of the Following Is NOT Necessarily True in a Market

question 126

Multiple Choice

Which of the following is NOT necessarily true in a market equilibrium?

• A)Price represents the value of an extra unit of consumption.
• B)Both rich and poor have adequate access to the good.
• C)Price represents the cost of an extra unit of production.
• D)All mutually beneficial trades have been made.

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Definitions:

Egocentrism

A cognitive trait where an individual cannot fully understand or assume perspectives other than their own.

Concrete Operational

A stage in Piaget's theory of cognitive development, typically occurring between ages 7 and 11, when children gain a better understanding of concrete and logical operations.

Formal Operational

A stage in Piaget's theory of cognitive development where individuals are able to think abstractly and logically.

Kohlberg's Theory

A theory of moral development proposed by Lawrence Kohlberg, suggesting that moral reasoning evolves through a series of stages from childhood into adulthood.