Which of the following best represents monitoring and enforcement costs?
A) Dinesh has to spend time and effort to make sure that the chemical factory is living up to the agreed upon bargain that it will reduce the pollution it is releasing into the local river by 50 percent.
B) Laila needs to come up with enough cash to pay the owners of the paper manufacturing plant, its attorneys, accountants, and negotiators so that a bargain can be reached with the paper manufacturer to reduce air pollution.
C) Esperanza has to spend time and effort locating and organizing all the other people who have been adversely affected by the strong odors emanating from the local slaughterhouse in order to initiate the bargaining process.
D) Rafael has to spend time determining whether the fertilizer manufacturer, the lead smelter, or the oil refinery is the cause of pollution seeping into the groundwater in his local community.
A
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Sensible buyers or sellers will want to continue acquiring information
A) as long as the additional information extends their choices. B) as long as the anticipated additional benefit exceeds the additional cost of doing so. C) as long as they can be assured of acquiring correct information. D) indefinitely, because more information is better than less.
Goods and services are exchanged in
a. product markets b. resource markets c. inventory markets d. classified markets e. government markets
Consider the production possibilities frontier displayed in the figure shown. Which of the following combinations could be produced?
A. (20 watermelons, 400 bushels of apples)
B. (15 watermelons, 100 bushels of apples)
C. (10 watermelons, 300 bushels of apples)
D. (10 watermelons, 400 bushels of apples)
Which of the following explains why the MC curve is rising in area b?
a. MP in area b is falling.
b. MC in area a is falling.
c. MP rises with output.
d. MC rises with output.