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Bourgon and Armstrong (2005) did a study to investigate how much treatment is needed to reduce criminal offending. Their results suggest that _______.
Consumer Surplus
The difference between what consumers are willing to pay and what they actually pay.
Market Price
The current price at which a good or service can be bought or sold, determined by the forces of supply and demand.
Deadweight Loss
A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.
Under Production
A situation where less is produced than could be achieved with the available resources, often leading to inefficiencies and unmet demand.
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