You Give Your Younger Brother Joe a Bag of Marbles

question 157

Multiple Choice

You give your younger brother Joe a bag of marbles.While he is playing with them,you ask him how many blue marbles there are.He correctly answers,"Nine!" You ask,"How many green marbles?" Joe says,"Four!" You then ask,"Are there more blue or green?" He responds,"Blue!" Finally,you ask,"Are there more blue marbles or more round marbles?" Joe responds,"Blue!" He is most likely in which developmental stage?

• A) concrete operational
• B) egocentric
• C) preoperational
• D) equilibrational

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Definitions:

Product Price

The sum of money needed to buy a specific product or service.

Wage Rate

The amount of compensation paid to employees for their labor per unit of time, often expressed per hour or year.

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with less costly alternatives.

Output Effect

The impact on an organization's total output resulting from a change in price, affecting the quantity supplied or demanded.