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Steve,Brandon,and Dylan are three friends who have been convicted of burglary.After their sentencing,they are all sent to a prison where they take many tests to determine their programming needs.After they complete these tests,they are each sent to a different prison.Steve does not have a prior prison record and is considered a nonviolent offender,so he is sent to a prison where he resides in a dormitory-style housing unit and has a great deal of freedom of movement.Brandon,like Steve,does not have a prior prison record,and is sent to a prison where he must share his cell with another inmate,and he does not have very many opportunities for educational or vocational programs.Finally,Dylan is considered to be a high security risk given his prior record and his behavior while he was on bail awaiting trial.He is sent to a prison where he is subjected to a count at least four times a day and spends very little time outside of his cell.Steve has been sentenced to a ________-security prison.
Homothetic Preferences
Consumer preferences where if a bundle of goods is preferred to another, then any scaled up or down version of the bundle is also preferred based on the proportion of goods, maintaining consumption patterns.
Prices Double
A situation where the prices of goods or services increase to twice their original amount.
Quasilinear Preferences
Consumer preferences where the utility function is linear in one of the goods, indicating constant marginal utility for that good.
Income Offer Curve
A graphical representation showing how an individual's optimal choice of goods to consume changes as their income changes.
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