The Price Paid to a Resource in Totally Fixed Supply

question 98

Multiple Choice

The price paid to a resource in totally fixed supply is called

• A)economic rent
• B)economic profit
• C)wages
• D)interest
• E)opportunity cost

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Definitions:

Right to Remain Silent

The legal right of an individual to not answer questions or provide statements during police interrogations or in court, as protected under the Miranda rights.

Confession

A formal statement admitting that one is guilty of a crime.

Search-incident-to-arrest Doctrine

A legal principle that allows law enforcement to conduct a warrantless search of an arrestee and the area within their immediate control.

Riley v. California

A landmark Supreme Court case that held that police must obtain a warrant to search a cell phone seized during an arrest, establishing digital data's privacy.