While 400 New Prisons Have Opened in the Last Decade

question 3

Short Answer

While 400 new prisons have opened in the last decade, 40 of the _____ hospitals have closed.

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Definitions:

Labor Costs

The total expenses incurred by companies for the payment of wages, benefits, and taxes associated with the employment of labor.

Capital Costs

Expenditures for acquiring fixed assets such as buildings, machinery, and equipment, or the costs associated with improving existing assets.

Marginal Product

The rise in production resulting from one more unit of input.

Price of Labor

The compensation workers receive for their contribution to the production process, often synonymous with wage rate.