An average cost pricing rule for a natural monopoly sets the price ________ the marginal cost, thereby ________ a deadweight loss

Haiti was once heavily forested. Today, 80 percent of Haiti's forests have been cut down, primarily to be burned to create charcoal. The reduction in the number of trees has led to devastating floods when it rains heavily. This is an example of

A) the tragedy of the commons. B) tragic externalities. C) human greed. D) the consequences of too many people having private property rights.

An increase in per capita income will generally lead to

a. more material goods, but a decline in the quality of the environment. b. a reduction in life expectancy because working conditions are less desirable. c. an increase in the number of hours worked by residents. d. an increase in the living standards of most people.