Environmental protection take toward resolving externality

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Reference no: EM13861560

1. To maximize social welfare when there are no externalities, __________ must be equal to __________.

a. private costs; social costs

b. private costs; social benefits

c. marginal private costs; marginal private benefits

d. social benefits; private benefits

e. Answers a, c, and d are correct.

2. Which type of approach does the Environmental Protection Agency take toward resolving externality problems?

A. public sector

b. Coasian bargaining

c. military action

D. Both a and b are correct.

E. None of the answers is correct.

3. In private equilibrium, a positive production externality will lead to __________; a negative consumption externality will lead to ___________.

A. the socially efficient amount of production; "too much" consumption

b. underproduction; "too little" consumption

c. overproduction; "too little" consumption

d. underproduction; "too much" consumption

e. overproduction; "too much" consumption.

Reference no: EM13861560

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