Command-and-control regulations create incentives for firms to take the social costs of pollution into account and allow firms some flexibility in reacting to these incentives
a. True
b. False
Indicate whether the statement is true or false
False
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Real GDP per person in Richland is $20,000, while real GDP per person in Poorland is $10,000. However, Richland's real GDP per person is growing at 1 percent per year, and Poorland's real GDP per person is growing at 2 percent per year. After 50 years, real GDP per person in Richland minus real GDP in Poorland is:
A. positive and greater than $10,000. B. zero. C. positive but less than $10,000. D. negative.
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market's transition to the long run when some firms in the market are earning economic profits?
A) Panel A B) Panel B C) Panel C D) Panel D
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which some firms are earning short-run economic profits, and the Surgeon General announces that switching from non-organic produce to organic
produce will add 5 years to the average life span of consumers? A) Panel A B) Panel B C) Panel C D) Panel D
A negative externality exists when
A. a person's or group's actions cause a benefit that is felt by others. B. a person's or group's actions cause a cost that is felt by others. C. market output is less than socially optimal output. D. a and c E. b and c