If a production process generates pollution, then a competitive market will produce more of the good than is socially optimal because
A) firms take all costs into consideration.
B) firms incur all costs of production but ignore some of them.
C) firms ignore the costs of production that they do not incur.
D) firms set price equal to social marginal cost.
C
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In an election in which there is no policy which can defeat all other policies, the sequence of the votes determine?s the outcome, even under majority rule.
Answer the following statement true (T) or false (F)
Patents, which confer market power, are intended to:
A. enable patent holders to charge lower prices for new and innovative products. B. maintain the dominance of U.S. firms. C. protect consumers from imitations or knock-offs. D. encourage innovation by helping firms recoup the costs of research and development.
Technology transfer is not valuable to high-income countries
Indicate whether the statement is true or false
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable. B. cannot be produced with the current state of technology. C. represents underallocation of resources. D. represents what the people want.