Is the $846 billion that electricity producers would pay for the right to emit greenhouse gasses part of the opportunity cost of producing electricity?
What will be an ideal response?
To the extent that the $846 billion pays for the cost that greenhouse gasses impose on society (by way of forgone production of other goods and services), the $846 billion is part of the opportunity cost of generating elec-tricity.
Economics
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How would a purely competitive industry adjust and restore allocation efficiency when there is an increase in the demand for a product?
What will be an ideal response?
Economics
A country operates inside its production possibilities curve; this may be caused by
A. a lack of modern products being produced. B. total efficiency in industry. C. a new resource being discovered. D. unemployed resources.
Economics