Command-and-control policies:
A. allow a low-cost firm to abate more pollution.
B. encourage firms to develop more efficient abatement technologies.
C. usually result in relatively low compliance costs.
D. allow us to predict the total amount of pollution that will be discharged.
Answer: D
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What will a price ceiling that is non-binding do?
a) It will cause a surplus in the market. b) It will cause a shortage in the market. c) It will cause the market to be less efficient. d) It will have no effect on the market price.
The slope of the aggregate supply curve is
A. perfectly vertical. B. perfectly horizontal. C. upward. D. downward.
Suppose that the demand for a monopolist's product is estimated to be Qd = 100 ? 2P and its total costs are C(Q) = 10Q. Under first-degree price discrimination, the optimal price(s), number of total units exchanged, profit, and consumer surplus are:
A. P = $30; Q = 40, ? = $800; CS = $400. B. 10 ? P ? 50; Q = 80, ? = $1,600; CS = $0. C. P = $30; Q = 40, ? = $600; CS = $0. D. 10 ? P ? 100; Q = 80; ? = $1,600; CS = $1,600.
When the economy is operating at a point where aggregate demand equals long-run aggregate supply, it must be true that:
A. the economy is in long-run equilibrium. B. aggregate demand also equals short-run aggregate supply. C. prices and expected prices are the same. D. All of these are true.