If one state is suffering from acid rain as a result of sulfur dioxide emissions from the industries in a neighboring state, then:
A. state courts can provide adequate remedies.
B. the problem is best addressed through federal regulation.
C. the individual states can easily reach a solution to the problem.
D. the acid rain ceases to be an externality.
Answer: B
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In general, a fine on selling a product leads to the
A) supply curve shifting rightward. B) supply curve shifting leftward. C) demand curve shifting rightward. D) demand curve shifting leftward.
The demand curve for labor is also
A) the supply curve for the output labor is used to produce. B) the demand curve for the output produced with labor since the demand for labor is a derived demand. C) the marginal product of labor curve. D) the marginal revenue product of labor curve.
If regulators set a price according to marginal cost pricing, the firm will ______.
a. earn positive economic profits b. make zero economic profits c. suffer an economic loss d. earn the same level of profits as it would absent regulation
The reason that diamonds cost more than water is
A. most consumers consume little water. B. diamonds are more beautiful than water. C. the marginal utility of each diamond a consumer purchases is quite high due to the small amount of diamonds that most consumers purchase. D. water is a necessity.