Which economist is credited with having been the first to discuss the "lemons problem"?

Which of the following is the most efficient way to reduce pollution emissions?

a. emission standards that cap allowable pollution b. government pollution charges or taxes c. legislated regulations limiting the quantity of emissions allowed by each firm d. enforcement of property rights, when those rights are well-defined and transaction costs are low

A firm seeking to maximize economic profits should produce at the output at which

A. total revenue equals total cost. B. marginal revenue equals average revenue. C. marginal revenue equals marginal cost. D. average revenue equals average cost.