When competition is present and private ownership rights are clearly defined and securely enforced,
a. production and trade are encouraged and plunder (taking from others) is discouraged.
b. people get ahead by helping others in exchange for income.
c. employers will have to provide prospective employees with at least as good a deal as they could get elsewhere.
d. all of the above are correct.
D
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SouthState Chemical Co. produces pine oil cleaners in a process that produces emissions that discolor the paint on nearby houses, although the emissions have been declared nontoxic to humans. a. Is the price for the cleaner likely to be allocatively efficient? Use a graphic illustration in your answer. b. If your answer to (a) is no, what is an appropriate government policy to correct the problem?
What will be an ideal response?
If the marginal cost were $18, output would be
A. 1.
B. 2.
C. 3.
D. 4.