Briefly and concisely define the following terms.
a.
Voluntarism
b.
Direct controls
c.
Depletable resource

What will be an ideal response?

a.Voluntarismrefers to a number of nonmandatory programs of investment in pollution-control equipment by firms motivated by social responsibility and of voluntary recycling of solid wastes by consumers.
b.Direct controlseither (1) impose legal ceilings on the amount any polluter is permitted to emit or (2) specify how particular activities must be carried on to reduce pollution.
c.A depletable resource is one available, or perceived to be available, in a finite amount, whose continued use will drive up its price by increasing amounts.
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Economics

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If the bidders at a second-price auction have true values of $78, $72, $66, and $65, the item will sell for

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