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Which of the following is the attempt to “correct” the personality and behavior of convicted offenders through treatment and to return them to society as law-abiding citizens?

Although advertising raises the price of a monopolistic competitor’s product, it does confer a benefit to consumers. Which of the following is a benefit to consumers?

Figure 13-11Refer to Figure 13-11. What is the monopolistic competitor’s profit maximizing output?

Figure 14-1Assume that Lexus (L) is the first automobile company to produce a luxury class hybrid automobile and is the only such company for the past four years. BMW is now considering producing its own luxury hybrid automobile and Lexus must decide whether or not to lower the price of its luxury hybrid to counter BMW’s entry into the luxury hybrid niche.Refer to Figure 14-1. Should Lexus lower its price in order to deter BMW’s entry into the luxury hybrid automobile market?

If the market price is $25, the average revenue of selling five units is

Figure 12-5Figure 12-5 shows cost and demand curves facing a typical firm in a constant-cost, perfectly competitive industry. Refer to Figure 12-5. If the market price is $20, what is the firm’s profit-maximizing output?

All of the following are ways by which existing firms can deter the entry of new firms into an industry except

Figure 12-4Figure 12-4 shows the cost and demand curves for a profit-maximizing firm in a perfectly competitive market.Refer to Figure 12-4. If the market price is $30, the firm’s profit-maximizing output level is

An oligopoly firm is similar to a monopolistically competitive firm in that

A monopolistically competitive industry that earns economic profits in the short run will