When using the traditional command-and-control approach to environmental regulation, the government attempts to
a. set a minimum requirement and then allows the firm to determine the most efficient method for achieving this requirement
b. determine the most efficient method for different industries
c. make allowances for differences across industries and between firms
d. set engineering standards that are applicable to all situations and does not recognize unique circumstances
e. set a maximum requirement and they allows the individual firm the latitude of choosing the most efficient method
D
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If the marginal product of a unit of physical capital is 10 units of output, and the product that the physical capital is used to produce is sold for $5, the value of the marginal product of physical capital equals:
A) $2. B) $10. C) $20. D) $50.
We see permanent price differentials in land because
a. the demand for land is high b. land has few uses c. location is the inherent quality that often determines its value d. real estate brokers are inefficient e. land is not traded in free markets