Economists working at federal government agencies have estimated that the marginal social cost of carbon is about
A) $2 per ton. B) $9 per ton. C) $21 per ton. D) $47 per ton.
C
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In the labor market, the income tax creates a tax wedge which raises the ________ wage rate, reduces the ________ wage rate, and ________ employment
A) after-tax; before-tax; does not affect. B) before-tax; after-tax; does not affect C) before-tax; after-tax; increases D) before-tax; after-tax; decreases E) after-tax; before-tax; decreases
The supply curve is upward sloping because of
A) increasing marginal cost. B) decreasing marginal benefit. C) decreasing marginal cost. D) increasing marginal benefit. E) increasing total cost.
Contestable markets can be competitive with only a few firms
Indicate whether the statement is true or false
Which of the following is not a condition of long-run equilibrium for perfectly competitive firms?
a. price is equal to marginal cost b. price is equal to minimum short-run average total cost c. price is equal to minimum long-run average cost d. price is equal to marginal revenue e. economic profit is positive