Answer the following statements true (T) or false (F)

1. The figures below present the marginal cost of abatement for two firms. As long as the total

abatement being pursued is less than 1 unit, it is cost effective for Firm 2 to not abate any.



2. The capitalized value of a constant stream of $20 per year given an interest rate of 4% per year is $800.

3. The prior appropriation doctrine is a system in which individuals have rights to specific

quantities of water and these right can be sold to others.

4. If groundwater resources are regulated by the "rule of capture," whoever can pump up the water can take as much as they desire. This approach leads to an economically inefficient use of

groundwater.


1. TRUE
2. FALSE
3. TRUE
4. TRUE

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