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B
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Difficulty:
45%
(medium)
Question Stats:
67% (02:00) correct
33%
(02:13)
wrong
based on 882
sessions
History
Date
Time
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Not Attempted Yet
Deregulation of electricity markets in the United States has resulted in supply disruptions and in higher prices for consumers. Properly understood, however, this phenomenon does not cast doubt on the economic principle that free-market competition is generally more efficient than state planning. Certain particularities of electricity as a commodity - including the impossibility of storing electricity, the inelasticity of demand for electricity, and the high barriers to entry for new producers - are peculiar obstacles to the creation of competitive electricity markets.
In the above argument, the two portions in boldface play which of the following roles?
A. The first is a historical claim that the author rejects; the second is the theoretical basis for his rejection of that claim.
B. The first describes an apparent exception to a theory that the author accepts as true; the second is that theory.
C. The first is the basis for the author's critique of conventional economics; the second is his summary of conventional economic thought.
D. The first describes an event that the author believes to be unusual; the second is the author's explanation of why this unusual event occured.
E. The first is a particular example of a broader trend; the second is that trend.
In the above argument, the two portions in boldface play which of the following roles?
A. The first is a historical claim that the author rejects; the second is the theoretical basis for his rejection of that claim.
B. The first describes an apparent exception to a theory that the author accepts as true; the second is that theory.
C. The first is the basis for the author's critique of conventional economics; the second is his summary of conventional economic thought.
D. The first describes an event that the author believes to be unusual; the second is the author's explanation of why this unusual event occured.
E. The first is a particular example of a broader trend; the second is that trend.
Updated on: 02 Apr 2024, 08:39
Originally posted by SaraiYaseenGMAT on 27 May 2010, 01:48.
Last edited by SaraiYaseenGMAT on 02 Apr 2024, 08:39, edited 1 time in total.
Last edited by SaraiYaseenGMAT on 02 Apr 2024, 08:39, edited 1 time in total.
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Tip on Bold-face questions: Do not try to formulate a relationship between the two portions in bold!! Instead, your job is to track the relationship between each sentence/clause and the preceding sentence.
Thus, the first sentence (in bold) says that deregulation made the electricity market (specific) inefficient.
The second sentence (note the 'however') says that this specific case does not cast doubt on a general principle-- just the principle is in bold! Interpretation: The author is not critiquing the principle.
The remainder of the argument explains why the principle still holds despite the exceptional case.
Answer: B indeed!
If this helped, kindly give Kudos! :wink: For more CR tips, check out saraiyaseen.com
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