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TOEFL ITP Preparation - Paket 07
TOEFL-ITP
TOEFL ITP - Reading Comprehension
116. Read the following passage, then answer the question below.
When a snowstorm hits a city, the price of a ride-hailing trip can double or triple within minutes. Passengers complain, but economists regard such surges as an example of how prices coordinate behavior. According to the basic model of supply and demand, a price rises when more people want a product than can be supplied, and it falls when supply exceeds demand. The movement of the price is not a side effect; it performs a job. A higher price signals to drivers that their services are urgently needed and encourages more of them to work, while it also leads some riders to postpone trips or share cars.
Critics reply that real markets do not always follow the model. In a disaster, for instance, a higher price for bottled water may not bring new supply quickly, since roads may be blocked, and it can deny a necessity to those who cannot afford it. Many societies therefore limit price increases during emergencies, even though economists warn that such limits can create shortages: if the price stays low, demand remains high, and sellers have little reason to bring in more goods. Shoppers then compete not with money but with time, standing in lines or buying in panic.
Behavioral researchers add that fairness matters. Surveys have shown that consumers accept a price rise when it reflects a rise in the seller's costs, yet they resent it when it only reflects increased demand, even if the economic effect is the same. Companies know this and often disguise price changes through discounts or fees rather than announced increases. The debate shows that prices are both economic signals and social judgments, and that a market can be efficient without being perceived as fair.
What can be inferred about limits on emergency prices?
Jawaban: D
Pembahasan: Harga rendah mempertahankan permintaan tinggi dan penjual tidak punya alasan menambah pasokan.
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