Charging a polluter a fee for each unit of pollution released is an example of
a. the market approach to environmental policy
b. the polluter-pays principle
c. the command-and-control approach to environmental policy
d. (a) and (b) only
d. (a) and (b) only
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How can you calculate the cost per mile of owning a car?
A) Divide total costs per year of owning the car by the number of miles driven in a year. B) Divide total costs per year of owning and operating the car by the number of miles driven in a year. C) Divide total costs per year of operating the car by the number of miles driven in a year and add the result to the cost of owning the car. D) You cannot do so in any defensible way because cars are owned per unit of time period, not per unit of distance.
The oligopoly model that is most appropriate when one large firm usually takes the lead in setting price is the ________ model
A) Cournot B) Stackelberg C) game theory D) prisoner's dilemma
Price differentiation is a situation in which
A) there are different prices for similar products reflecting differences in the marginal cost of providing the commodities to different groups of buyers. B) there are different prices for the same product that are not due to differences in the marginal cost of providing the commodity to different groups of buyers. C) consumers' comparison-shop. D) the demand curve is vertical.
According to revealed preference a consumer that chooses to smoke cigarettes:
A. derives more utility from smoking than the goods they could have purchased with that same money. B. derives more happiness from smoking than the goods they could have purchased with that same money. C. is minimizing their utility given the options available to them. D. is behaving irrationally.