An economist would refer to an oil deposit as which type of resource?

A model's predictions are referred to as:

A) statistics. B) theories. C) hypotheses. D) empirical evidences.

For a privately owned business in a competitive market setting,

a. reducing resource use while producing the same output adds to profit and typically reduces waste products and thus cuts pollution as well. b. when property rights are well-defined and strictly enforced, the firm will be able to pollute air and water without having to bear the cost of the damages imposed on others. c. wasteful use of resources results in more pollution but greater profit. d. reducing pollution almost never pays.