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Discuss the changes in design and treatment that go along with super-maximum-security prisons. Elaborate on the benefits and drawbacks of such a system.
Economic Costs
The total cost of choosing one action over another, including both explicit (direct monetary costs) and implicit (opportunity costs) factors.
Long-Run Equilibrium
A state in a market where all resources are optimally allocated and economic forces are balanced, with no tendency for change until external conditions change.
Perfect Competition
A market structure characterized by many sellers and buyers, homogeneous products, and free entry and exit, resulting in price takers.
Economic Profit
The difference between a business's total revenue and its total costs, including both explicit and implicit costs.
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