Suppose the Cost of Breaking the Law Is Imposed on the Sellers

question 112

Multiple Choice

Suppose the cost of breaking the law is imposed on the sellers of an illegal good.This action will have its biggest impact on quantity if the demand for the good is

• A)inelastic or the supply is inelastic.
• B)elastic or the supply is elastic.
• C)elastic or the supply is inelastic.
• D)inelastic or the supply is elastic.
• E)perfectly inelastic.

Differentiate between past-oriented (retributive) and future-oriented (preventive) theories of punishment.

Evaluate the moral and societal justifications for punishment.

Understand the arguments for and against the effectiveness of deterrence in reducing crime.

Recognize the philosophical foundations of utilitarian and retributive theories of punishment.

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Definitions:

Offeror's Death

refers to the termination of an offer in contract law due to the death of the person making the offer before it is accepted.

Automatically Terminates

A clause in an agreement that causes the contract to end without the need for notice, upon the occurrence of specific conditions.

Contract Formation

The process by which parties reach an agreement on the terms of a contract, creating mutual obligations enforceable by law.

Revocation

In general, the recalling or voiding of a prior action. In contract law, the withdrawal of an offer by the offeror prior to effective acceptance by the offeree.