People seldom break a line while waiting for checkout in a supermarket. This is an example of a ________ to solve an externality
A) Coasian approach
B) Pigouvian approach
C) command and control mechanism
D) social enforcement mechanism
D
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Refer to Figure 12-4. If the market price is $30, the firm's profit-maximizing output level is
A) 0. B) 130. C) 180. D) 240.
The idea of comparative advantage is related to
A) the idea of opportunity cost. B) the idea of absolute advantage. C) using the worker with the most diverse sets of skills. D) engineering efficiency.
If the supply curve slopes upward and a $3 per unit tax on suppliers raises the profit-maximizing price by $3, demand must be perfectly inelastic
a. True b. False
Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good?
a. The cost of inputs used in production b. The price of the product c. The income levels of consumers d. The price expectations of producers e. The preferences of consumers