A Man Is Released After Serving 10 Years of Prison

question 9

Multiple Choice

A man is released after serving 10 years of prison for stealing. He decides not to steal again, as he does not want to return to jail. This is an example of:

• A) Retribution
• B) Expiation
• C) Specific deterrence
• D) General deterrence

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Definitions:

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduction in average costs per unit as output increases.

Diseconomies of Scale

The situation in which a business grows so large that the costs per unit increase, as opposed to economies of scale where costs per unit decrease with the increase in output.

Long-Run Average Cost Curve

A graphical representation that shows the minimum average cost at which any output level can be produced after all inputs are adjustable. It reflects economies and diseconomies of scale.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, leading to a reduced cost per unit of output.