Countries that use the Anglo Saxon model tend to use civil law
a. True
b. False
B
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A product charge is
a. a fee added to the price of a pollution-generating product based on its contribution to pollution b. the same as an effluent charge c. a fee imposed on the actual release of pollution, typically as a tax d. none of the above
The costs of the process of bargaining to reach a mutually satisfactory agreement are called negotiation costs
Indicate whether the statement is true or false
If Electro is a retailer of ductile iron pipes manufactured by Steelfact Corporation, an agreement between these two companies will be called a horizontal agreement
Indicate whether the statement is true or false
Figure 5-2
illustrates the market for a product that generates an external cost. S1 is the private market supply curve, while S2 is the supply curve including the external cost. Which of the following is true?
a.
Point a illustrates the competitive private market outcome, while point b illustrates the outcome consistent with economic efficiency.
b.
Point b illustrates the competitive private market outcome, while point a illustrates the outcome consistent with economic efficiency.
c.
The competitive private market outcome is consistent with the conditions for economic efficiency.
d.
The good will tend to be undersupplied relative to the conditions for economic efficiency.