Water is cheap and diamonds are expensive because water has a ________, and diamonds have a ________
A) low total utility; high total utility
B) low marginal utility; high marginal utility
C) high marginal utility; low marginal utility
D) low marginal utility and a low total utility; high marginal utility and a high total utility
B
You might also like to view...
A typical supply curve has
A. slope equal to zero. B. slope equal to infinity. C. negative slope. D. positive slope. E. constant slope.
Both signaling and screening:
A. reduce efficiency in the market. B. are effective ways to increase information available to both parties. C. benefit the sellers but harm the buyers. D. benefit the buyers but harm the sellers.
The optimal level of air quality
a. is always zero b. occurs when the marginal social cost of air quality exceeds the marginal social benefit c. is greater if the marginal social benefit curve of air quality shifts rightward d. occurs when positive externalities are eliminated e. eliminates the common pool problem
Answer the following statement(s) true (T) or false (F)
1. Recently, the EPA announced a set of 6 principles to facilitate the reauthorization and strengthening of TSCA. 2. The Green Chemistry Program calls for a commitment by all participants in the product cycle to reduce environmental effects of products. 3. According to the textbook application, the Responsible Care Program was launched in the U.K. 4. Risk perception of chemical exposure does not always align with actual risk.