Examlex
The state with the highest operating costs per inmate is New York.
Marginal Cost Curve
A graphical representation that shows the change in the total cost of producing one more unit of a good.
Price Elasticity
The influence exerted by price variations on the demand level of a specific good quantified.
Price-Discriminate
The practice of charging different prices to different consumers for the same good or service, based on factors like location, buying habits, or willingness to pay.
Higher Prices
Typically the result of increased demand or reduced supply, leading to a rise in the cost of goods and services.
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