Counting Jails and Prisons, Approximately How Many Citizens Are Incarcerated

question 51

Multiple Choice

Counting jails and prisons, approximately how many citizens are incarcerated?

• A) ​1 million
• B) ​2.3 million
• C) 3 million
• D) ​4.3 million

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Definitions:

Willingness to Pay

Willingness to Pay is the maximum amount an individual or organization is ready to spend to procure a product or service, reflecting the value they attach to it.

Market Failure

A scenario in which the distribution of goods and services through a free market fails to be efficient, typically resulting in a decrease in overall social welfare.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing their gain.

Firm's Willingness

Refers to a company's readiness to engage in activities like selling at certain prices or producing specific quantities.