The Act or Process of a Minor Voluntarily Leaving Home

question 17

True/False

The act or process of a minor voluntarily leaving home and living apart from his or her parents is referred to as ratification.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive in the market.

Price

The monetary figure anticipated, obligated, or dispensed in transaction for a service or good.

Quantity

The amount or number of a material or immaterial good or service.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved in a market.