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In 1929 There Was a Commission Set Up to Study

question 19

Multiple Choice

In 1929 there was a commission set up to study law enforcement. This Commission was called the United States National Commission on Law Observance and Enforcement. It was also called, _______________.


Definitions:

Monopolistically Competitive

A market structure characterized by many firms, differentiated products, and free entry and exit, allowing firms some control over price while still competing on quality, branding, and price.

Externality

A cost or benefit that affects a third party who did not choose to incur that cost or benefit.

Efficient Scale

The level of production at which a firm's average total costs are minimized.

Monopolistically Competitive

A market structure where many sellers offer products or services that are similar but not perfect substitutes, allowing for some degree of market power.

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