Markets for pollution rights
a. have never been tried in the United States
b. assign property rights to those who value them least
c. allow the government to assign property rights
d. enable those who value them most to pollute
e. are less efficient than pollution standards
D
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Corrective taxes are often difficult to implement because _____
a. those affected by the externality are often loathe to use political means to implement the tax b. those creating the externality threaten to shut down c. those who suffer from the externality refuse to talk about it d. the creator of an externality will use political means to try to prevent the tax
On an isoquant, the MRTS is defined as
A. MP + MPL.
B. MPL * MPK.
C. MPK/MPL at the relevant point on the isoquant.
D. 
.
In a perfectly competitive labor market, when a firm hires more labor
A. wages will increase. B. wages will decrease. C. wages will remain the same.
One key purpose of economic regulation is
A. to force a firm to produce at the point at which marginal cost equals marginal revenue. B. to control the quality of service provided by a monopolist. C. to focus on the impact of production on the environment and society, the working conditions under which goods and services are produced, and sometimes the physical attributes of goods. D. to control the price that regulated enterprises are allowed to charge.