Consider the following methods of pollution reduction:
a. the government sets a target for maximum emissions
b. the government mandates the installation of specific pollution abatement equipment
c. the government imposes a per unit tax on the good that creates pollution
d. the government gives firms a tax rebate for every unit of pollution abated
Which of the above is an example of a command-and-control approach to reducing pollution?
A) a only
B) b only
C) a and b only
D) a, b, and d only
E) a, b, c, and d
C
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A price below the equilibrium price will:
A) result in pressure for price to rise. B) result in a surplus. C) never be the case. D) result in pressure for price to fall.
A perfectly competitive firm maximizes its profit by producing the level of output so that its average total cost equals the market price
Indicate whether the statement is true or false