Which one of the following statements is false?
a. Bequest value is the value of environmental services to future generations
b. Willingness-to-pay tends to be smaller than willingness-to-accept for the same service
c. The production function approach to valuation considers the cost of constructing facilities to provide environmental services
d. Contingent valuation can be used to estimate existence values
e. The value of just knowing a wild species exists is called indirect use value
Ans: e. The value of just knowing a wild species exists is called indirect use value
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How would poverty be affected in the United States if the measure were changed to a more comprehensive one that included the value of in-kind transfers, medical services, and taxes?
What will be an ideal response?
A firm sells a product in a purely competitive market. The marginal cost of the product at the current output of 800 units is $3.50. The minimum possible average variable cost is $3.00. The market price of the product is $4.00. To maximize profit or minimize losses, the firm should:
A. produce less than 800 units. B. shut down. C. produce more than 800 units. D. continue producing 800 units.