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He/she will say that both glasses held the same amount of liquid. By the concrete operational stage, the child has developed the ability to understand conservation, and knows that just because the shape or appearance changed doesn't mean the quantity of liquid changed.
Answer:
Incomplete Contracts: Do not optimally use all commonly observ-able information. Will be renegotiated at some point in time (bargain-ing). Reasons for contractual incompleteness: Bounded rationality: Parties cannot write long-term state-contingent contracts. Cannot foresee all possible future states.
Explanation:
the calendar of the committee of the whole- gradpoint/novanet
