Which of the Following Statements About Elder Abuse Is True

question 10

Multiple Choice

Which of the following statements about elder abuse is true?

• A) It has all but been eliminated.
• B) Fewer than 4% of elderly people in the United States experience financial abuse.
• C) Over 10% of the elderly are injured in physical abuse.
• D) Most abuse is justified, because people simply run out of patience.

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Definitions:

Externalities

Costs or benefits that affect a party who did not choose to incur that cost or benefit.

Consumer Surplus

The difference in the total amount expected to be paid by consumers for a good or service and the actual payment made.

Willingness to Pay

Willingness to Pay is the maximum amount an individual or organization is ready to spend to procure a product or service, reflecting the value they attach to it.

Market Failure

A scenario in which the distribution of goods and services through a free market fails to be efficient, typically resulting in a decrease in overall social welfare.