Under a system of marketable pollution permits:
A. pollution will increase.
B. firms may trade the right to pollute a certain amount.
C. firms can only buy the right to pollute from the government.
D. the government is not involved.
Answer: B
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A community in a Southeastern state passed a beautification ordinance (law) prohibiting the placement of indoor furniture outside of homes (i.e., no couches on the porch). The law represents a conflict between ____ and ____
a. the rich; the poor b. third parties; market participants c. victims; criminals d. public goods; private goods e. residents; visitors
When the good on the horizontal axis is a composite good, the slope of the budget constraint is minus the price of the good on the vertical axis.
Answer the following statement true (T) or false (F)