Opportunity cost:
a. applies only to consumption decisions.
b. applies only to production decisions.
c. is the same as monetary costs.
d. exists because of scarcity.
e. is irrelevant for wealthy economies.
Question 2
Pollution damages the environment we live in. An economist would advise that we reduce air pollution:
a. as long as the marginal benefit from air pollution reduction outweighs the marginal cost of achieving the reduction.
b. until the total benefit from air pollution reduction just equals the total cost of pollution reduction.
c. until air pollution levels reach near-zero levels.
d. to the levels experienced in the 1950s when air was much cleaner near big cities.
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