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Suppose that a chicken farm uses a nearby stream to dispose of the wastes released by its chickens. These wastes flow downstream into a lake that has become thick with algae and polluted due to the minerals in the waste matter. The local office of a nonprofit environmental organization collects enough donations to stop the farm's pollution.
Which of the following types of private solutions to the externality of pollution has occurred in this case?
(Contacts, moral codes and social sanctions, integration of different types of businesses through merger or acquisition)
It’s important to note that sometimes private solutions to externalities do not work. For example, this occurs when the number of parties involved is so large that it makes...
(government action the only viable solution, the market failure from the externality unimportant, coordinating negotiations among all of the parties too costly)
Suppose an economy has overbuilt and suffers from excess capacity. A recession ensues due to firms cutting back on expenditures. Is deficient demand more easily remedied by monetary or fiscal policy? Explain
A proximity sensor attached to the tip of an endoscope could reduce risks during eye surgery by alerting the surgeon to the location of critical retinal tissue. A certain eye surgeon expects that by using this technology, he will avoid lawsuits of $0..
Which of the following statements is correct? a. Long-run total costs are the sum of fixed costs and variable costs. b. Short-run total cost curves are an “envelope” of their respective long-run curves. c. Long-run total cost curves are an “envelope”..
How does the quality of the physician's documentation in the medical record ensure quality as opposed to fraud and abuse in coding? Provide an example.
Richard Dulski’s firm is about to bid on a new radar system. Although the product uses new technology, Dulski believes that a learning rate of 80% is appropriate. The first unit is expected to take 720 hours, and the contract is for 45 units. What is..
When traveling to other countries for business, it is important to know the male/female roles in each country. Not knowing these roles could cause problems in discussions and negotiations.
Aggregate Supply curve shows the relationship between the price level and the real GDP supplied in an economy. a. Under what circumstances the AS curve will have a flat segment? b. When an economy has a vertical AS curve? c. The AS curve is upward sl..
The government introduces a new regulation which raises minimum wages of a bakery’s workers. Assuming that the market for bakeries is perfectly competitive, explain the effect of the increased minimum wage on an individual bakery average fixed cost, ..
You put money into an account. One year later you see that you have 5 percent more dollars and that your money will buy 6 percent more goods.
In an oligopoly market with a dominant firm and a competitive fringe, if market demand is _____, the market price will be low and the _____ profit will be small.
Answer the following question for each of the following examples: (i) smoking by individuals; (ii) toxic waste production by firms. Is there any externality? If so, describe one possible externality, including references to whether it is positive or ..
Explain the difference between a person's nominal income and their real income. Why is real income more important to that person.
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