Price Ceilings Reduce Quality Because

question 63

Multiple Choice

Price ceilings reduce quality because:

• A) buyers are willing to accept a lower quality of goods with lower prices.
• B) sellers facing excess demand cannot raise prices to increase profit.
• C) the law would mandate the quality of goods to match the price of the goods.
• D) None of the answers are correct.

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Definitions:

Adler

Alfred Adler, an Austrian medical doctor, psychotherapist, and founder of the school of individual psychology which emphasizes the importance of the feeling of inferiority.

Inferiority Complex

is a psychological condition where a person feels a deep sense of insecurity and inadequacy, often resulting from real or perceived personal shortcomings.

Neo-Freudians

denotes psychologists who accepted the basic concepts of Freud's theory but modified and expanded them to include social and cultural aspects into personality development.

Scientific Method

A systematic and logical approach to discovery that involves the process of observation, hypothesis formation, experimentation, and conclusion.