Congressman Murphy made the following proposal: "We should establish policies that completely eliminate air pollution. This is the only way to ensure that none of our citizens suffer the negative effects of air pollution"
If Congressman Murphy's proposal was adopted and all forms of air pollution were eliminated, which of the following would be true?
A) The total cost of pollution reductions would equal the total benefit to society.
B) The marginal cost from pollution reductions would exceed the marginal benefit.
C) The total benefit to society from reductions in air pollution would be maximized.
D) Economic efficiency would be maximized
B
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If additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be linear
Indicate whether the statement is true or false
Refer to Figure 11-3. For what quantity of labor does production start to display diminishing returns?
A) for more than 1 units of labor B) for more than 4 units of labor C) for more than 5 units of labor D) for more than 8 units of labor