Ronald Coase is famous for the Coase Theorem, which is based on the premise that there is an economically efficient level of pollution reduction.
Many economists believe that the tradable emissions allowance program that has been used to deal with the problem of acid rain has been successful in reducing emissions of sulfur dioxide in an economically efficient manner. Why isn't this program an example of the Coase Theorem?
Question 2
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 10,000 units
A) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low.
B) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently low.
C) producers should lower the price to 1 in order to sell the quantity demanded of 10,000.
D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high.
Female choice of males based on nuptial gifts.
Chemosynthesis-based community on the East Pacific Rise.
Prevention programs for school based violence
Lewis Hine’s 1910 photograph shows a tenement alley in New York City. More famous for his “unsettlin
Four color theorem
An electrochemical cell is based on these two half-reactions