The Clean Air Act of 1970
a. set up a depletion tax system
b. reduced air pollution standards
c. recognized air as a resource
d. established a system of transferable pollution rights
e. forbade producers to emit any pollutants into the air
C
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The "free-rider problem" of public goods refers to:
a. individuals' refusal to pay taxes. b. individuals' attempts to hide their preferences for collective goods and to avoid paying for them. c. individuals' over-use of collective goods. d. the inelasticity of individuals' demands for public goods.
Micromania's City Council has been discussing policy options regarding the local taxi company. Citizens have complained that it is a natural monopoly and that its fees are inappropriate. Which of the following would allow the company to stay in business while guaranteeing a "reasonable" taxi price for citizens?
a. average cost pricing b. marginal cost pricing c. laissez-faire pricing d. countervailing pricing e. contestable pricing