If pollution is bad, why do we still use pollution-causing resources such as coal and oil to generate electricity?
A) Governments lack the political will to enforce the use of pollution free resources.
B) The cost of using pollution free resources to generate power in many circumstances is much higher than generating that same power through conventional pollution-causing means.
C) Pollution is only a private cost.
D) The transaction costs of pollution is too low.
B
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The characteristics that describe a perfectly competitive industry include
A) many firms selling an identical product. B) one firm selling to many buyers. C) many firms selling a slightly differentiated product. D) a few firms selling to many buyers. E) None of the above answers is correct.
Differentiate between an oligopoly and a monopolistic competition on the basis of the number of firms and the degree of product differentiation
What will be an ideal response?
Tariffs are government policies designed to encourage international trade
a. True b. False
Some people have argued that the government should provide free medical care to everyone. Under this system:
A. the price of medical care will ration resources efficiently. B. prices will not ration medical care so there will be no scarcity. C. the price of medical care will allocate resources efficiently. D. prices will not ration medical care so some other rationing method will be used.