A system of transferable pollution rights:
a. increases the quantity of pollution generated
b. provides firms with an incentive to develop new pollution-abatement technologies.
c. is not as cost-effective in reducing pollution as a system based on compliance standards.
d. is characterized by none of the above.
b
Economics
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The marginal rate of substitution is the
A) rate at which the consumer can exchange one good for the other. B) change in the quantity of one good that just offsets a one-unit change in the consumption of another good such that the total satisfaction remains constant. C) change in the quantity of one good that changes the utility received by one unit. D) same thing as the marginal utility of a good.
Economics
In Figure 20.1, total revenue is maximized at the unit price of
A. $100. B. $50. C. $80. D. $60.
Economics