Government-Imposed Quantity Restrictions

question 319

Multiple Choice

Government-imposed quantity restrictions

• A) generate a higher price for the good than would prevail under freely competitive markets.
• B) generate a lower price for the good than would prevail under freely competitive markets.
• C) does not affect the price of the good because quantity restrictions always ban sale of the good completely.
• D) can cause prices to either be higher or lower, but always cause excess quantities supplied to develop.

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Definitions:

Overconfidence Bias

The tendency of individuals to overestimate their own abilities, skills, or chances of success.

Predictions Incorrect

Situations where anticipated outcomes fail to materialize as expected due to various factors such as flawed assumptions or unforeseen events.

Confirmation Bias

A tendency to search for, interpret, and remember information in a way that confirms one's preconceptions.

Behavioral Economists

Behavioral economists study how psychological, cognitive, emotional, and social factors affect economic decision-making and models.