What costs associated with the new auto-emission standards arise from decisions made in self-interest and in the social interest?
What will be an ideal response?
Automobile producers and buyers make their decisions in pursuit of their own self-interest but achieving new emission standards requires more costly engines and emission control technologies, which in turn means the cost of producing automobiles and their prices will rise. President Obama's decision to impose the new regulations is intended to serve the social interest, so all the costs associated with the new emissions standard regulation arise from this decision made in the social interest.
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The unemployment rate equals
A) (number of people without a job ÷ population)× 100. B) (number of people without a job ÷ working-age population) × 100. C) [(working-age population - number of people employed) ÷ labor force] × 100. D) (number of people unemployed ÷ labor force) × 100. E) (number of people unemployed ÷ population) × 100.
Refer to the figure above. What is the price at which the monopolist should sell its output?
A) $3 B) $4 C) $6 D) $9
If the marginal revenue product of the fifth worker hired by a firm is $15 and the price of a unit of output is $5 regardless of how much is sold, then the marginal product of the fifth worker is
a. 15 units of output b. 5 units of output c. 3 units of output d. 45 units of output e. 75 units of output
Which of the following is not a cost per unit produced?
a) Total cost; b) Marginal cost; c) Average variable cost; d) Both (a) and (b) are not unit costs.