Jim and Lisa Own a Dog-Grooming Business in Champlain, New

question 14

Multiple Choice

Jim and Lisa own a dog-grooming business in Champlain, New York, called JL Groomers. There are many buyers and many sellers in the dog-grooming service market. JL Groomers experiences normal cost curves, with the marginal cost (MC) curve crossing average variable cost (AVC) at $14 and average total cost (ATC) at $22. JL Groomers will make positive economic profits if the market price is:

• A) $14.
• B) between $14 and $22.
• C) below $14.
• D) $22.
• E) above $22.

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Definitions:

Labeling

The process of classifying or naming individuals or groups based on their actions, attributes, or perceived characteristics, often leading to stereotyping or discrimination.

Capitalism

An economic system characterized by private or corporate ownership of capital goods, by investments determined by private decision, and by prices, production, and the distribution of goods determined mainly by competition in a free market.

Economic Marginality

Refers to the condition of individuals or groups being on the edge of economic stability, often experiencing inadequate access to resources, employment, and income.

Richard Quinney

A prominent sociologist known for his contributions to the conflict theory of criminology, focusing on the social realities of crime and its societal implications.