Victimization Surveys Indicate That, in 2011, There Were Approximately How

question 86

Multiple Choice

Victimization surveys indicate that, in 2011, there were approximately how many violent crimes?

• A)1 million
• B)2 million
• C)6 million
• D)23 million

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Definitions:

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded, often referred to as the market-clearing price.

Equilibrium Quantity

(1) The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; (2) the profit-maximizing output of a firm.

Price Elasticity

An indicator of consumer sensitivity to price fluctuations, represented by the extent to which the demand for a product adjusts in response to variations in its price.