Identify the economist who first addressed the environmental problem in terms of externalities.

What best defines active policy making?

A) taking action to offset a change in economic performance B) taking action to increase long-term economic growth C) taking action to make markets more competitive so as to improve efficiency D) taking action to make markets less competitive so as to improve equity

In calculating price elasticity of demand, which of the following is assumed to be constant?

a. the price of the product itself b. the quantity demanded of the product c. total revenue received from the sale of the product d. the prices of all other products e. none of the above