(Figure: Revenues and Costs and Output I) Which of the Following

question 64

Multiple Choice

(Figure: Revenues and Costs and Output I) Which of the following statements is (are) TRUE? I. The profit-maximizing output level is approximately 9 units.
II) Profits are negative at 16 units of output.
III) Marginal revenue equals marginal cost at 2 and 14 units of output.

• A) II and III
• B) III
• C) I
• D) I and II

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Definitions:

Theory of Punishment

A set of principles that aim to justify and guide the imposition of penalties on individuals who violate laws, focusing on deterrence, retribution, rehabilitation, and restoration.

Retribution

A principle of justice that prescribes punishment for an offense should be proportionate to the severity of the crime committed.

Retributivist

A theory of punishment that justifies penalizing wrongdoers on the basis that they deserve punishment commensurate with the harm they have caused.

General Deterrence

is a theory in criminology that suggests the prevention of criminal behavior through the threat of punishment, aiming to discourage others from committing similar offenses.