Which of the following is an example of a situation where a third party benefits from a market transaction by others?
a. Inoculation against communicable diseases
b. An increase in the level of air pollution in neighborhoods near a power plant
c. Allowing a chemical company to use a natural lake to discharge waste
d. Two firms trading pollution credits to avoid reducing their toxic emissions
a
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Defenders of social regulation point out that:
A. social regulation is a better alternative than unregulated natural monopoly. B. critics who stress the high administrative and compliance costs of social regulation underestimate the social benefits that the regulations produce. C. the number of regulatory agencies has declined over the past two decades. D. social regulations reduce product prices.
Refer to the table below. The law of diminishing marginal returns becomes evident after ________ units of output are produced.OutputPer DayNumber ofEmployeeHours Per Day00331662994132716511
A. 66 B. 33 C. 132 D. 99