Examlex
How did David Rothman account for the invention of the juvenile court in the United States?
Purely Competitive Market
A market structure characterized by a large number of buyers and sellers, homogeneous products, and no single buyer or seller having any control over the market price.
Product Price
The sum of money needed to buy a specific product or service.
Wage Rate
The amount of compensation paid to employees for their labor per unit of time, often expressed per hour or year.
Substitution Effect
The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with less costly alternatives.
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