Evaluate the concepts of determinant and indeterminate sentencing, discussing their key characteristics and implications for the criminal justice system.

Some assert that oligopoly is less desirable than pure monopoly. Which of the following is a basis for that argument?

  Total Output Price Total Revenue Marginal Revenue Average Total Cost Marginal Cost 1 $ 100 $ 100.00 $ 30 2 90 63.00 26 3 80 52.67 32 4 70 49.50 40 5 60 49.60 50 6 50 50.00 52 7 40 52.29 66 8 30 55.75 80 9 20 60.67 100 10 10 67.60 130   Refer to the data above for a nondiscriminating monopolist.  a)  List TR and MR (fill in the table) for each level of output (Q) b)   What level of output should the monopolist produce?  Using the profit-maximizing rule for the firm to explain. c)  Is this monopolist earning profit?  Do all monopoly’s make a profit?  Why or why not?  

__________________ refers to the utilization of armed forces for domestic police work.

__________________ refers to the utilization of armed forces for domestic police work.

Industries X and Y both have four-firm concentration ratios of 32 percent, but the Herfindahl index for X is 256, while that for Y is 264. These data suggest

Suppose that a monopolistically competitive restaurant is currently selling 250 meals per day (the output where MR=MC).  At that output level, ATC per meal is $5 and consumers are willing to pay $8 per meal.  a) What is this firm’s profit or loss?  b) Will there be entry or exit into or out of the industry?  How do you know? c) What will happen to the restaurant market in the long run?  Hint:  you should be able to explain whether demand or supply shifts as a result.

Suppose that a pure monopolist can sell 15 units of output at $10 per unit and 16 units at $9.90 per unit. For the monopolist to profitably produce and sell the sixteenth unit of output, its marginal cost must be anywhere at or below  

Under monopolistic competition, entry to the industry is

Suppose that a pure monopolist can sell 15 units of output at $10 per unit and 16 units at $9.90 per unit. For the monopolist to profitably produce and sell the sixteenth unit of output, its marginal cost must be anywhere at or below