Examlex
All U.S. states have a determinate sentencing system in which judges have little control over the sentences assigned to defendants.
Zero-profit Equilibrium
A situation in a perfectly competitive market where firms just cover their costs, leaving no surplus for economic profit.
Consumer Preference
The subjective tastes and preferences that influence buyers' choices of goods and services.
Equilibrium Quantity
The quantity of goods or services supplied is equal to the quantity demanded at the market price.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, leading to a balance in the market.
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