Question 1
Relating to the
Economics in Practice on page 329: If a company that is responsible for an environmental disaster does not end up paying the entire cost of the damage it created, the marginal social cost will be ________ the sum of the marginal costs of production.
◦ less than
◦ greater than
◦ equal to
◦ unrelated to
Question 2
Relating to the
Economics in Practice on page 337: A number of companies are using their own internal carbon taxes to reflect the social cost of carbon emissions on the environment. The price per ton of carbon emissions that they are using
◦ has been set by the government.
◦ has been agreed to by the private sector.
◦ is not standardized.
◦ is the price established by the EPA.
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