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What are some of the features of British law enforcement present in early American colonial settlements? Provide a brief description of the first U.S. police forces developed in Boston, New York, and Los Angeles. What improved the method of communication between the city police and their department? How did the Civil War bring new social control problems?
Socially Optimal Price
The price of a good or service that reflects the external costs and benefits to society, aiming to achieve the most efficient allocation of resources.
Big Data
Extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.
Reservation Price
The maximum or minimum price at which a consumer is willing to buy or sell a good or service.
Elastic Demand
A situation where the demand for a product or service significantly changes in response to a change in price.
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