The Shortages That Result from Imposing Price Controls

question 69

Multiple Choice

The shortages that result from imposing price controls:

• A) are rarely recognized by the public as a result of the price controls themselves.
• B) typically lead the public to lobby politicians to repeal the price controls.
• C) only last for a short while until markets can adjust to the new lower prices.
• D) create higher prices.

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Definitions:

Discrepancy

A lack of compatibility or similarity between two or more facts, figures, or perspectives.

Higher Goals

These are ambitious objectives that go beyond immediate or basic needs, focusing on larger, aspirational targets.

Delayed Reinforcement

A scenario in which a reward does not immediately follow the desired action, which can affect the strength and persistence of learning.

Partial Reinforcement

A conditioning method where a response is only occasionally rewarded, leading to more resilience in the learned behavior.