Studies Have Established That the Number of Youthful Offenders Who

question 43

Multiple Choice

Studies have established that the number of youthful offenders who formally enter the justice system is ______ in comparison with the total number of violations committed by juveniles.

• A) large
• B) very large
• C) small
• D) about the same as

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Definitions:

Short-Run Equilibrium

The state in a market where supply equals demand within a limited time frame, before any long-term adjustments take place.

Long-Run Equilibrium

A state in which all factors of production and outputs are optimal, allowing for all economic agents to have no incentive to change their behavior.

MC

A term often short for Marginal Cost, which is the cost added by producing one additional unit of a product or service.

MR

Short for Marginal Revenue, which is the additional income earned by selling one more unit of a product or service.