In general, pollution exists if
A) people are unconcerned about the hazards associated with pollution.
B) there are poorly defined private property rights.
C) there are poorly defined common property rights.
D) profit-making activity is taken to an extreme.
B
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Define marginal cost and calculate Brazil's marginal cost of producing a ton of food when the quantity produced is 2.5 tons per day
What will be an ideal response?
Refer to Figure 4.1. The substitution effect of the price change in food on the quantity of food purchased is:
A) the change from F3 to F1. B) the change from F3 to F2. C) the change from F2 to F1. D) the change from F1 to F2. E) none of the above
If a corporation borrows capital for a specified period of time at an agreed-upon interest rate, this is a
a. common stock b. preferred stock c. convertible stock d. bond e. double tax
The laissez-faire free-market system is
a. an ideal of perfection. b. one that leaves no room for improvement. c. unmatched by any other system for allocative efficiency. d. All of the above are correct.