Government issued privileges that allow the holder to discharge a specified amount of pollution into the air are known as ______.
a. transaction cost permits
b. environmental protection agreements
c. transferable pollution rights
d. corrective pollution taxes
c. transferable pollution rights
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As output increases, the AVC
a. increases. b. decreases. c. remains the same. d. falls and then rises.
If a pair-wise majority vote was held to determine which school project gets funded and the voters' preferences are shown in the table, in order for the library to win overall, which items must be voted on first?
A. Computer lab and gym
B. Library and computer lab
C. Gym and library
D. The order will not affect the outcome of the vote.
What is wrong in an economy when society can transform 1,000 apples into a tent or a tent into 1,000 apples, but the marginal rate of substitution of apples for tents by consumers is 500? Explain how the market automatically will solve this problem.
What will be an ideal response?
The long-run demand curve for a monopolistically competitive firm is horizontal.
Answer the following statement true (T) or false (F)