Donald Is an "Old-Timer" in Prison

question 31

Multiple Choice

Donald is an "old-timer" in prison. He is serving a 50-year sentence for second-degree murder. Correctional programs and services were very different when Donald entered prison in 1963. He often does the inmate orientation at his prison, where he meets with all the incoming inmates and discusses prison life with them. Donald explains to the inmates that they can have a job in prison. These jobs vary depending on the inmates' classification and their skills. One inmate asks Donald how much he gets paid. Donald explains that he makes the most an inmate can make in a state prison. How much does Donald most likely make per hour?

• A)$0.30
• B)$2.80
• C)$1.00
• D)minimum wage

Recognize how the availability of substitutes affects the elasticity of demand.

Understand the concept of cross elasticity of demand and its implications for goods being substitutes or complements.

Identify the determinants of the elasticity of demand.

Calculating and understanding income elasticity of demand.

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Definitions:

Cost

The amount of money required to purchase something or the expenditure incurred by a business in producing goods or services.

Inflammation

The body's protective response to injury or damage, marked by redness, heat, swelling, and pain, aimed at eliminating harmful stimuli and initiating healing.

Arthritis

A group of painful and degenerative conditions marked by inflammation in the joints that causes stiffness and pain.

Bursitis

Inflammation of a bursa, typically one in the knee, elbow, or shoulder, that results in pain, swelling, and restricted movement.