A Study Found That Privately-Operated Juvenile Correction Facilities in Florida

question 40

Multiple Choice

A study found that privately-operated juvenile correction facilities in Florida had __________ costs but experienced __________ rates of recidivism than state-operated juvenile corrections facilities.

• A)lower, higher
• B)lower, lower
• C)higher, equivalent
• D)higher, lower
• E)lower, equivalent

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Definitions:

Marginal Revenue Curve

A graphical representation showing the change in total revenue that results from selling one additional unit of a product or service.

Demand Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good.

Collusion

A secret or illegal agreement or cooperation between parties to limit competition and manipulate prices or market conditions in their favor.

Allocative Efficiency

Refers to a situation in which the resources in an economy are distributed according to consumer preferences, ensuring that goods are produced in the quantities exactly matching consumer desires.