Which of the following is true?
a. All types of environmental problems can be solved merely by the enforcement of individual property rights.
b. Environmental regulation cannot improve environmental quality.
c. Income levels exert little impact on the demand for environmental quality.
d. Markets often result in outcomes that are inefficient when it is difficult to assign and enforce property rights.
D
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Annie is an excellent baker and Sam has a plentiful farm. If Sam trades eggs and butter to Annie for some of Annie's bread and pastries,
a. only Sam is made better off by trade. b. only Annie is made better off by trade. c. both Sam and Annie are made better off by trade. d. neither Sam nor Annie are made better off by trade.
What is the term used to describe total revenues minus total explicit costs?
a. marginal benefits b. economic profits c. accounting profits d. marginal costs